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Full-Text Articles in Behavioral Economics
Should Income Transfers Be Targeted Or Universal? Insights From Public Pension Influences On Elderly Mortality In Canada, 1921–1966, Jesse A. Matheson, J.C. Herbert Emery
Should Income Transfers Be Targeted Or Universal? Insights From Public Pension Influences On Elderly Mortality In Canada, 1921–1966, Jesse A. Matheson, J.C. Herbert Emery
Jesse A Matheson
We investigate the impact of Canada’s means-tested and universal public pension programs on the mortality rates of recipient age groups for the period 1921–1966. We find that only the universal program significantly reduced recipient age group mortality rates. The implied social value of the mortality risk reduction from this program is onetenth of the value per statistical life associated with contemporary government policy, meaning that Canadians did not need to place a high value on the life of a senior to justify the higher cost of the universal program.