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June,1,,2019,,Brazil.,In,This,Photo,Illustration,The,Social

Abstract The majority of elderly Americans who receive long-term care outside of institutions are cared for in part by their children. We have little evidence, however, on the financial and social mechanisms securing the supply of elder care. In recent data on older U.S. families, I find that children rarely receive direct payment for their…

A glass jar full of coins and plant growing through it with some coins and plant leaves.

Abstract This paper advances the theory of annuity demand. First, we derive sufficient conditions under which complete annuitization is optimal, showing that this well-known result holds true in a more general setting than in Yaari (1965). Specifically, when markets are complete, sufficient conditions need not impose exponential discounting, intertemporal separability or the expected utility axioms…