We study the role of endogenous healthcare choices by households to extend their expected lifetimes on economic growth and welfare in a decentralized overlapping generations economy with annuitized wealth. We characterize endogenous healthcare spending in the decentralized market equilibrium and its effects on economic growth, and we identify the moral-hazard effect in healthcare investments when annuity rates are conditioned on average mortality. In a numerical simulation of our model with OECD data from 2005, we find that the moral-hazard effect can be substantial and implies sizable welfare losses of approximately 1.4–2.8 percent, depending on the share of annuitized retirement wealth.

中文翻译：

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内生生命周期下的成长与福利*

我们研究了家庭内生医疗保健选择对延长其预期寿命对经济增长和福利的作用，在分散的代际重叠经济中，具有年金财富。我们描述了分散市场均衡中的内生医疗保健支出及其对经济增长的影响，并确定了年金率以平均死亡率为条件时医疗保健投资中的道德风险效应。在使用 2005 年经合组织数据对我们的模型进行数值模拟时，我们发现道德风险效应可能很大，并意味着大约 1.4-2.8% 的可观福利损失，具体取决于年金退休财富的份额。