编号：E-2025-12-2
题目：Health Cost Risk, Informal Insurance, and Pension Decisions
作者：Meitong Ai, Ming Gao, Ruo Jia, Yaojing Wang
联系方式：Ruo Jia, ruo.jia@pku.edu.cn
摘要：This paper provides empirical evidence on how health cost risk affects individuals’ pension decisions. We find that health cost risk increases pension participation but decreases the amount of contributions among participants. The substitution effect of informal insurance on pensions leads to this paradox. After accounting for informal insurance, health cost risk has a consistently negative impact on both pension participation and contributions, aligning with the theory. The substitution effect is stronger for households with better-educated children, yet does not vary by children’s gender
