partial insurance of parental investments against permanent income shocks, but the magnitude of the estimated responses is … small. We cannot reject the hypothesis full insurance against temporary shocks. Another interpretation of our findings is … that there is very little insurance available, but the fact that skill is a non-separable function of parental investments …

unemployed is particularly costly, this policy provides insurance equivalent to that provided by the current system. By reducing …

explicit contracts to crowd out implicit insurance provided by the firm, even though the latter yields higher welfare. We …

Can public insurance through redistributive income taxation improve the allocation of risk in an economy in which … the first place. If risk sharing is incomplete because some insurance markets are missing for model-exogenous reasons (as … of risk. If instead private insurance markets exist but their use is limited by the absence of complete enforcement (as …

the one hand, as wage uncertainty rises, so does the cost associated with missing insurance markets. On the other hand …

This paper considers a housing insurance market in which buildings have different damage probabilities. Insurers use … imperfect tests to find out about buildings’ damage types. The insurance market is a natural monopoly. If more than one insurer …. First we show that the natural insurance monopoly need not be sustainable. Then we show that in the equilibrium industry …