TY  - RPRT
        AU  - Christelis, Dimitris
AU  - Georgarakos, Dimitris
AU  - Sanz-de-Galdeano, Anna
        TI  - The Impact of Health Insurance on Stockholding: A Regression Discontinuity Approach
        PY  - 2014/Nov/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 8635
        UR  - https://www.iza.org/publications/dp8635
        AB  - Using data from the US Health and Retirement Study, we study the causal effect of increased health insurance coverage through Medicare and the associated reduction in health-related background risk on financial risk-taking. Given the onset of Medicare at age 65, we identify our effect of interest using a regression discontinuity approach. We find that getting Medicare coverage induces stockholding for those with at least some college education, but not for their less-educated counterparts. Hence, our results indicate that a reduction in background risk induces financial risk-taking in individuals for whom informational and pecuniary stock market participation costs are relatively low.
        KW  - regression discontinuity
KW  - stockholding
KW  - Medicare
KW  - health insurance
KW  - household finance
        ER  -