Hayashi, Fumio; Altonji, Joseph G.; Kotlikoff, Laurence J. - 2021
We consider four models of consumption that differ with respect to efficient risk-sharing and altruism. They range from … complete markets with altruism to family risk-sharing. We use a matched sample of parents and independent children available … altruism can be decisively rejected, while we fail to reject altruism and hence family risk-sharing for a subset of families …