condition derived herein, observable shocks are fully shared. The model, therefore, can generate the low degree of risk sharing …

consumption volatility. A household's currently observed poverty status might therefore not be a good indicator of the household …'s general poverty risk, or in other words its vulnerability to poverty. Although several measurements to analyze vulnerability …

-space approach of Arrow-Debreu. A host of new interesting economic issues emerge. First, risk averse agents can attempt to insure … themselves through markets or through mutual insurance within a multi-member group, say a household, by pooling resources within … an open question. Second, one may ask more specifically what is the role of social groups for risk sharing and risk …

In fifteen European countries, China, and the US, stocks and business equity as a share of total household assets are … labor-income risk can explain much of this risk-taking pattern. Uncontrollable labor-income risk stresses middle …, middle-income households reduce (controllable) financial risk. Richer households, having less pressure, can afford more risk …

/dissavings (40% and 47% in 2008-2010 and 2010-2012, respectively), and within‐household risk‐sharing (16% and 14%). Interestingly …This paper aims to fill the gaps in the analysis of risk‐sharing channels at the microlevel, both within and across … households. Using data from the Bank of Italy's Survey on Household Income and Wealth covering the financial crisis, we are able …