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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Bibliographic details
Volume: 79
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.
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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
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Academic OneFile (A&I only)
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