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...
|Place of publication:||
|Data of publication:||2011-07|
Econometrica , 79 (4) 1027 - 1068. (2011)
|Online Access:||available in Bonn?|
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