G2TT
来源类型Discussion paper
规范类型论文
来源IDDP8701
DP8701 The wrong shape of insurance? What cross-sectional distributions tell us about models of consumption-smoothing
Tobias Broer
发表日期2011-12-01
出版年2011
语种英语
摘要This paper shows how two standard models of consumption risk-sharing - self-insurance through borrowing and saving and limited commitment to insurance contracts - replicate similarly well the standard, second-moment measures of insurance observed in US micro-data. A non-parametric analysis, however, reveals strongly contrasting and counterfactual joint distributions of consumption, income and wealth. Method of moments estimation shows how measurement error in consumption eliminates excessive skewness and concentration of consumption growth. Moreover, counterfactual non-linearities disappear at high estimated risk-aversion under self-insurance, but are a robust feature of limited commitment. Its "shape of insurance" thus argues strongly in favour of the self-insurance model.
主题International Macroeconomics
关键词Limited commitment Risk sharing Wealth and consumption distribution
URLhttps://cepr.org/publications/dp8701
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/537537
推荐引用方式
GB/T 7714
Tobias Broer. DP8701 The wrong shape of insurance? What cross-sectional distributions tell us about models of consumption-smoothing. 2011.
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