Econometrica · 1996 · 352 citations · 5 references
Social SciencesEconomicsEconometricsFamily StudiesHousehold DemographyExtended Family HouseholdsFamily EconomicsHousehold ConsumptionHousehold EconomicsHousehold Financial Decision-makingIncome DistributionFamily Income DistributionHousehold Consumption DynamicsHousehold Income DynamicsIntergenerational Risk SharingLife-cycle Household EconomicsPanel DesignPanel Study DesignRisk Sharing Within Families
This paper uses the Panel Study of Income Dynamics to test whether risk-sharing is complete between or within American families. The tests accommodate wide variety in the configuration and availability of family data. The test results reject inter- as well as intra-family full risk-sharing even assuming that leisure is endogenous or that leisure and consumption are nonseparable. Copyright 1996 by The Econometric Society.
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A Simple Test of Consumption Insurance
John H. Cochrane · Journal of Political Economy · 1991 · 979 citations
Full Insurance in the Presence of Aggregate Uncertainty
Barbara J. Mace · Journal of Political Economy · 1991 · 670 citations