The Third Chapter: The aim of this research is to study individual choices of precau- tionary saving and long-term care spending when an individual faces the uncertainty of after-retirement health shocks. To do this, an improved two-period life-cycle model is employed. This paper also explores how individual choice affects economic development and capital accumulation in an overlapping generation economy. The study shows that the rise in the possibility of getting after-retirement health shocks will result to an increase in long-term care expenditure and the level of precautionary saving. The steady state will also increase in this case. The Fourth Chapter: The increasing and intensifying long-term care (LTC) demand brings great financial pressures for both governments and individuals. From the public perspective, the underlying economic question is how adequate real resources can be re- distributed to support long-term care need and how efficient the policies targeting is. As many LTC policies are accessed through means tests, individuals saving behaviour can be affected. This paper examines and compares the welfare effects that different means- tested policies have on individuals. We did this by embedding life-cycle models with after-retirement health shocks. Means-tested policies of long-term care, one with a top- up choice, and one without, were then simulated. The results show that the means test regime with a top-up option can bring a higher social welfare. Under this scheme, a higher means test threshold can decrease societys dependency on a social benefit system and increase social welfare. The Fifth Chapter: Attendance Allowance and Disability Living Allowance are the dis- ability cash benefits provided for people who are over 65 in the U.K. As the government plans to divert more public resource from these benefits to means-tested local care ser- vices, it is important to understand the effects and targeting of these cash benefits first. Using the survey data from English Longitudinal Study of Ageing, this study examines the relationship between the receipt of disability cash benefits and recipients’ character- istics among those who are over 65 in England. Although income is not a key factor to decide on the receipt of the benefits in the criteria, the results show that it still has a self- selection process where the benefits are given to those who are both most in need and on low incomes.
| Identifer | oai:union.ndltd.org:bl.uk/oai:ethos.bl.uk:744010 |
| Date | January 2017 |
| Creators | Sun, Pei |
| Contributors | Chakravarty, Surajeet ; Zhang, Xiaohui ; Gareth, Myles |
| Publisher | University of Exeter |
| Source Sets | Ethos UK |
| Detected Language | English |
| Type | Electronic Thesis or Dissertation |
| Source | http://hdl.handle.net/10871/33020 |
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