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Risque de chômage, assurance complète et choix des ménages dans les modèles dynamiques

  • Arnaud CHÉRON

This paper examines, in dynamic models, the decision rules of households who face an individual risk contingent upon an aggregate uncertainty. More precisely, the individual risk relies on the positive probability to be unemployed. We show that as much unemployment insurance contracts as collective risks allow full-insurance against unemployment: the marginal utility of consumption and the level of wealth for an household do not depend on its labor market state. We analyze the impact of this property according to preferences and, as well, show how the full-insurance result allows to derive households decision rules from a representative agent problem.

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File URL: http://www.jstor.org/stable/20076272
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Article provided by ENSAE in its journal Annals of Economics and Statistics.

Volume (Year): (2001)
Issue (Month): 61 ()
Pages: 105-118

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Handle: RePEc:adr:anecst:y:2001:i:61:p:07
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