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Labor Income Risk and Car Insurance in the UK

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  • Winfried Koeniger

    (P.O. Box 7240, 53072 Bonn, Germany, e-mail: koeniger@iza.org, URL:(http://www.iza.org))

Abstract

Microeconomic theory shows that only under certain conditions higher background risk increases the propensity to insure against independent marketable risks. We provide empirical evidence for the case of labor income risk and car insurance in the UK. The main result is that households with higher labor income risk spend more on insurance. This finding is consistent with microeconomic theory if the utility function is of the HARA type. Moreover, we find that households spend more on insurance if they participate in the stock market. The Geneva Papers on Risk and Insurance Theory (2004) 29, 55–74. doi:10.1023/B:GEPA.0000032566.45964.21

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal The Geneva Papers on Risk and Insurance Theory.

Volume (Year): 29 (2004)
Issue (Month): 1 (June)
Pages: 55-74

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Handle: RePEc:pal:genrir:v:29:y:2004:i:1:p:55-74

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Cited by:
  1. Bertola, Giuseppe, 2007. "Finance and Welfare States in Globalizing Markets," CEPR Discussion Papers 6480, C.E.P.R. Discussion Papers.
  2. Bertola, Giuseppe & Koeniger, Winfried, 2007. "Consumption smoothing and income redistribution," European Economic Review, Elsevier, vol. 51(8), pages 1941-1958, November.
  3. Bertola, Giuseppe & Koeniger, Winfried, 2006. "Consumption smoothing and liquidity income redistribution," CFS Working Paper Series 2006/34, Center for Financial Studies (CFS).
  4. Winfried Koeniger & Giuseppe Bertola, 2004. "Consumption Smoothing and the Structure of Labor and Credit Markets," 2004 Meeting Papers 263, Society for Economic Dynamics.

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