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Retirement and health investment behaviors: An international comparison

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  • Motegi, Hiroyuki
  • Nishimura, Yoshinori
  • Oikawa, Masato

Abstract

This study aims to better understand the effects of retirement on health outcomes through a large-scale cross-country study of the changes in health investment behaviors after retirement among the populations of seven developed countries. Much of the literature on retirement health consists of single-country studies which generally find that health investment behaviors are effective predictors of health outcomes. However, using Global Aging Data normalized to facilitate cross-country comparison, and exploiting differences in the financial incentives in the pension systems across countries as our identification strategy, we find that, even with a careful accounting of the differences in baseline retirement ages, the elderly do not uniformly change their health investment behaviors in retirement. Therefore, in a cross-country framework, health investment behaviors are not necessarily good predictors of health in retirement.

Suggested Citation

  • Motegi, Hiroyuki & Nishimura, Yoshinori & Oikawa, Masato, 2020. "Retirement and health investment behaviors: An international comparison," The Journal of the Economics of Ageing, Elsevier, vol. 16(C).
    • Handle: RePEc:eee:joecag:v:16:y:2020:i:c:s2212828x20300323
    DOI: 10.1016/j.jeoa.2020.100267
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    Cited by:

    1. Byrne, Dominic & Kwak, Do Won & Tang, Kam Ki & Yazbeck, Myra, 2023. "Spillover effects of retirement: Does health vulnerability matter?," Economics & Human Biology, Elsevier, vol. 48(C).
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    3. Bauer, Ann Barbara & Eichenberger, Reiner, 2021. "Worsening workers' health by lowering retirement age: The malign consequences of a benign reform," The Journal of the Economics of Ageing, Elsevier, vol. 18(C).
    4. Kim, Hoolda & Mitra, Sophie, 2022. "Dynamics of health and labor income in Korea," The Journal of the Economics of Ageing, Elsevier, vol. 21(C).
    5. Cheng, Lingguo & Lu, Yunfeng, 2024. "Does retirement make people more risk averse?," Journal of Economic Behavior & Organization, Elsevier, vol. 224(C), pages 135-155.
    6. Oikawa, M., 2020. "The effect of education on health policy reform: Evidence from Japan," Health, Econometrics and Data Group (HEDG) Working Papers 20/08, HEDG, c/o Department of Economics, University of York.
    7. Masato Oikawa, 2024. "The role of education in health policy reform outcomes: evidence from Japan," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 25(1), pages 49-76, February.
    8. Chen, Fengming & Wakabayashi, Midori & Yuda, Michio, 2024. "The impact of retirement on health: Empirical evidence from the change in public pensionable age in Japan," The Journal of the Economics of Ageing, Elsevier, vol. 28(C).

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    More about this item

    Keywords

    Aging population; Health investment behaviors; Health outcomes; Retirement; Heterogeneity; Global aging data;
    All these keywords.

    JEL classification:

    • I00 - Health, Education, and Welfare - - General - - - General
    • I10 - Health, Education, and Welfare - - Health - - - General
    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior

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