| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16234 |
| DP16234 Life-Cycle Risk-Taking with Personal Disaster Risk | |
| Giovanna Nicodano; Fabio-Cesare Bagliano; Carolina Fugazza | |
| 发表日期 | 2021-06-08 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper examines households' self-insurance in financial markets when a rare personal disaster, such as disability or long-term unemployment, may occur during working years. Personal disaster risk alters lifetime ex-ante investment choices, even if most workers will not experience a disaster. Uncertainty about the size of human capital losses, which characterizes rare disasters, results in lower risk-taking at the beginning of working life, and is crucial in order to match the observed age profiles of US investors from 1992 to 2016. |
| 主题 | Financial Economics |
| 关键词 | Disaster risk Portfolio choice Non-linear income process Beta distribution |
| URL | https://cepr.org/publications/dp16234 |
| 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/545202 |
| 推荐引用方式 GB/T 7714 | Giovanna Nicodano,Fabio-Cesare Bagliano,Carolina Fugazza. DP16234 Life-Cycle Risk-Taking with Personal Disaster Risk. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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