Intergenerational Risk Sharing and Health Insurance Financing
The Economic Record, 1998, vol. 74, issue 225, 153-61
When medical care prices and individual health needs follow stochastic processes with nonzero trends, community rating facilitates lifetime insurance and intergenerational risk sharing. While such a policy is unsustainable in competitive private insurance markets, it provides the basis for the financing of public health systems designed to spread risks efficiently. Copyright 1998 by The Economic Society of Australia.
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