| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24993 |
| 来源ID | Working Paper 24993 |
| Liquidity Constraints and the Value of Insurance | |
| Keith Marzilli Ericson; Justin R. Sydnor | |
| 发表日期 | 2018-09-10 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Insurance affects the variability of consumption over time, which is not captured in standard expected utility of wealth models. We develop a consumption-utility model that shows how liquidity constraints and borrowing costs impact the value of insurance. Liquidity constraints generate high insurance demand when premiums are due smoothly, sometimes leading to seemingly dominated choices. Conversely, a risk-averse person may value insurance below its expected value and appear risk loving when premiums are due in a single payment. Moreover, optimal insurance contracts take different forms with liquidity constraints. We show empirical insurance analysis using the standard model can generate misleading counterfactuals and welfare estimates. Finally, we demonstrate the model’s feasibility and importance with an application to evaluating cost-sharing reductions on the health insurance exchanges. |
| 主题 | Microeconomics ; Households and Firms ; Economics of Information ; Financial Economics ; Financial Institutions ; Health, Education, and Welfare ; Health |
| URL | https://www.nber.org/papers/w24993 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582667 |
| 推荐引用方式 GB/T 7714 | Keith Marzilli Ericson,Justin R. Sydnor. Liquidity Constraints and the Value of Insurance. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24993.pdf（661KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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