Arrow’s theorem of the deductible and long-term care insurance
(2016) Economics Letters — Vol. 148, p. 103-105 (2016)
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- Long-term care (LTC) needs are expected to increase in the next decades. This calls for more involvement of the market that today covers less than 10% of these needs. We analyze which features an optimal LTC insurance policy should incorporate. Following Arrow (1963) we suggest that such policy should consist of complete insurance above a deductible amount.
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Dreze, J., Pestieau, P., & Schokkaert, E. (2016). Arrow’s theorem of the deductible and long-term care insurance. Economics Letters, 148, 103-105. https://doi.org/10.1016/j.econlet.2016.08.042 (Original work published 2016)