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The Impact of Health Insurance on Stockholding: A Regression Discontinuity Approach

Dimitris Christelis, Dimitris Georgarakos and Anna Sanz-de-Galdeano

CSEF Working Papers from Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy

Abstract: Using data from the US Health and Retirement Study, we study the causal effect of increased health insurance coverage through Medicare and the associated reduction in health-related background risk on financial risk-taking. Given the onset of Medicare at age 65, we identify our effect of interest using a regression discontinuity approach. We find that getting Medicare coverage induces stockholding for those with at least some college education, but not for their less-educated counterparts. Hence, our results indicate that a reduction in background risk induces financial risk-taking in individuals for whom informational and pecuniary stock market participation costs are relatively low.

Keywords: Health Insurance; Medicare; Stockholding; Regression Discontinuity; Household Finance (search for similar items in EconPapers)
JEL-codes: D14 G11 I13 (search for similar items in EconPapers)
Date: 2014-11-11
New Economics Papers: this item is included in nep-age, nep-hea and nep-ias
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Related works:
Journal Article: The impact of health insurance on stockholding: A regression discontinuity approach (2020) Downloads
Working Paper: The Impact of Health Insurance on Stockholding: A Regression Discontinuity Approach (2014) Downloads
Working Paper: The impact of health insurance on stockholding: A regression discontinuity approach (2014) Downloads
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