Jeffrey R. Brown Ph.D., M.P.P.

Dean of the College of Business
Josef and Margot Lakonishok Professor of Business
University of Illinois at Urbana-Champaign
Email: brownjr@illinois.edu Discipline: Economics Expertise: Insurance, Social Security

Investigator Award

Explaining the Limited Size of the Private Long-Term Care Insurance Market: The Effect of Public Insurance and Tax Policy
Award Year: 2003 This Investigator Award project, Explaining the Limited Size of the Private Long-Term Care Insurance Market, tests economic theories to understand why most people choose not to purchase long-term care insurance, instead paying for care out of pocket. Drs. Brown and Finkelstein explore how the pricing of insurance policies and the availability of Medicaid coverage for those who are eligible influence decisions on whether to purchase long-term care insurance. They try to delineate how public policy can be used to increase demand for coverage, particularly as baby boomers age and medical costs rise. In addition, they will examine the possible effects of proposed reforms on the size of the market for longterm care insurance.

Background

Jeffrey R. Brown is the Dean of the College of Business and Josef and Margot Lakonishok Professor of Business at the University of Illinois at Urbana-Champaign. Prior to joining the Illinois faculty, Dr. Brown was an assistant professor of public policy at Harvard University's John F. Kennedy School of Government. During 2001-2002, he served as Senior Economist at the White House Council of Economic Advisers, where he focused primarily on Social Security, pension reform, and terrorism risk insurance. During 2001 he also served on the staff of the President's Commission to Strengthen Social Security. In 2006, President Bush appointed, and the Senate confirmed, Dr. Brown to serve on Social Security Advisory Board. Professor Brown holds a Ph.D. in economics from the Massachusetts Institute of Technology, a Masters of Public Policy from Harvard University, and a B.A. from Miami University. He is a Research Associate of the National Bureau of Economic Research, a Research Fellow with the Employee Benefits Research Institute, and a Senior Fellow of the China Center for Insurance and Social Security Research. Professor Brown is a member of the American Economic Association, the American Risk and Insurance Association, the National Academy of Social Insurance, and the Risk Theory Society. Professor Brown has published extensively on public and private insurance markets, including publications in The American Economic Review, The Journal of Political Economy, The Journal of Public Economics, The Journal of Monetary Economics, The Journal of Risk and Insurance, The National Tax Journal, and numerous books. He is the recipient of the Lumina Award for Outstanding Research in Insurance and E-Commerce. Professor Brown is co-author of the book The Role of Annuities in Financing Retirement from MIT Press, and is co-founder and co-editor of the Journal of Pension Economics and Finance, published by Cambridge University Press. He has served as a consultant / expert panel member for the Executive Office of the President of the U.S., the General Accounting Office, the U.S. Treasury, the World Bank, and several private firms. Prior to graduate school, he was a Brand Manager at the Procter & Gamble Company.