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Husbands Might Really Be That Cheap

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Author Info
Matthew S. Chambers
Don E. Schlagenhauf

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Abstract

In this paper, we study the decision to purchase life insurance as part of a lifecycle plan of consumption, savings, and labor supply. Households are subject to idiosyncratic risk in their labor productivity as well as the composition and size of their family, and respond by accumulating savings, working, and purchasing life insurance to hedeg against death of an adult. Using a calibrated general equilibrium model that matches key facts from the income and wealth distribution, we estimate that consumption-smoothing motives produce excessive LI holdings relative to the data, even when load factors consistent with estimates are introduced

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Publisher Info
Paper provided by Society for Economic Dynamics in its series 2004 Meeting Papers with number 146.

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Date of creation: 2004
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Handle: RePEc:red:sed004:146

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Related research
Keywords: Life Insurance; Demographics;

Find related papers by JEL classification:
D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving
J17 - Labor and Demographic Economics - - Demographic Economics - - - Value of Life; Foregone Income

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  1. Jay H. Hong & Jose-Victor Rios-Rull, 2004. "Life insurance and household consumption," Working Papers 04-10, Federal Reserve Bank of Philadelphia. [Downloadable!]
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This page was last updated on 2009-12-2.

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