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Household portfolio choices,health status and health care systems: A cross-country analysis based on SHARE
Authors:Vincenzo Atella  Marianna Brunetti  Nicole Maestas
Institution:1. CEIS – University of Roma Tor Vergata, CHP-PCOR Stanford University and CHILD, via Columbia 2, 00133 Rome, Italy;2. University of Roma Tor Vergata, CEFIN and CHILD, via Columbia 2, 00133 Rome, Italy;3. RAND and Pardee RAND Graduate School, 1776 Main Street, Santa Monica, CA 90407, United States
Abstract:Health risk is increasingly viewed as an important form of background risk that affects household portfolio decisions. However, its role might be mediated by the presence of a protective full-coverage national health service that could reduce households’ probability of incurring current and future out-of-pocket medical expenditures. We use SHARE data to study the influence of current health status and future health risk on the decision to hold risky assets, across ten European countries with different health systems, each offering a different degree of protection against out-of-pocket medical expenditures. We find robust empirical evidence that perceived health status matters more than objective health status and, consistent with the theory of background risk, health risk affects portfolio choices only in countries with less protective health care systems. Furthermore, portfolio decisions consistent with background risk models are observed only with respect to middle-aged and highly-educated investors.
Keywords:D14  I13  G11
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