The Demand for Life Insurance in the United States: Long-Run Versus Short-Run
AbstractPrevious research on life insurance purchases has focused on the long-run demand function. In this paper, we use a speed of adjustment model to determine how quickly households adjust their holdings of life insurance to the optimal level. Our results support the hypothesis that institutional constraints and costs of adjustment keep individuals from instantaneously adjusting their demand for life insurance to optimal levels.
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Bibliographic InfoArticle provided by Western Risk and Insurance Association in its journal Journal of Insurance Issues.
Volume (Year): 17 (1994)
Issue (Month): 2 ()
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