RISK SHARING IN PRIVATE INFORMATION MODELS WITH ASSET ACCUMULATION: EXPLAINING THE EXCESS SMOOTHNESS OF CONSUMPTION
We study testable implications for the dynamics of consumption and income of models in which first-best allocations are not achieved because of a moral hazard problem with hidden saving. We show that in this environment, agents typically achieve more insurance than that obtained under self-insurance...
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Volume: | 79 |
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Main Author: |
Orazio P. Attanasio
Nicola Pavoni |
Format: | Journal Article |
Language: | English |
Zielgruppe: |
Academic |
Place of publication: |
Oxford, UK Econometric Society 01.07.2011 Blackwell Publishing Ltd WILEY-BLACKWELL Wiley-Blackwell Wiley Subscription Services, Inc |
published in: | Econometrica Vol. 79; no. 4; pp. 1027 - 1068 |
Data of publication: | 20110701 |
ISSN: |
0012-9682 1468-0262 |
EISSN: |
1468-0262 |
Discipline: | Economics Mathematics Statistics |
Bibliography: |
We are grateful for comments received from Marco Bassetto, Richard Blundell, Harald Uhlig, three anonymous referees, participants at the 2004 SED annual meeting, and several seminar audiences. Attanasio's research was financed by the ESRC Professorial Fellowship Grant RES‐051‐27‐0135. Nicola Pavoni thanks the Spanish Ministry of Science and Technology for Grant BEC2001‐1653. |
Subjects: | |
Online Access: |
Fulltext |
CODEN: | ECMTA7 |
Database: | Social Sciences Citation Index Web of Science - Social Sciences Citation Index - 2011 Web of Science - Science Citation Index Expanded - 2011 Web of Knowledge Science Citation Index Expanded Web of Science Pascal-Francis CrossRef Academic OneFile (A&I only) Database information Databases - DBIS |