FULL INSURANCE IN THE PRESENCE OF AGGREGATE UNCERTAINTY
FULL INSURANCE IN THE PRESENCE OF AGGREGATE UNCERTAINTY
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DOI：
10.1086/261784
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发表时间：
1991-10-01
影响因子：
8.2
通讯作者：
MACE, BJ
中科院分区：
文献类型：
--
作者：
MACE, BJ
本文检验了完全消费保险的含义。其目的是确定有多少里程可以从一个完全的市场模型，与私人信息或流动性约束等功能省略。其含义是，个人消费对总体风险有反应，但对特质风险没有反应。该检验涉及将家庭消费的变化回归到总消费的变化以及家庭收入变化和就业状况变化等右侧变量。除了总消费量的变化之外，所有变量在解释家庭消费量的变化方面都是微不足道的。根据消费者支出调查对10，695个家庭的消费和收入的观察，结果好坏参半。一个规范（指数效用）的结果大多与完全消费保险一致;另一个规范（电力效用）的结果则不然。
This paper tests implications of full consumption insurance. The object is to determine how much mileage can be obtained from a model with complete markets, with such features as private information or liquidity constraints omitted. The implication exploited is that individual consumption responds to aggregate risk but not to idiosyncratic risk. The test involves regressing the change in household consumption onto the change in aggregate consumption and other right-hand-side variables such as the change in household income and change in employment status. All variables other than the change in aggregate consumption are predicted to be insignificant in explaining the change in household consumption. With observations on consumption and income for 10,695 households from the Consumer Expenditure Survey, the results are mixed. The results for one specification (exponential utility) are mostly consistent with full consumption insurance; the results for the other specification (power utility) are not.