Guiso, Luigi; Jappelli, Tullio; Terlizzese, Daniele - C.E.P.R. Discussion Papers - 1994
Economic theory suggests that uninsurable income risk, health risk and the expectation of future borrowing constraints … absolute risk aversion and decreasing prudence, a household will reduce its exposure to avoidable risks when confronted with … proxies for income risk, health risk and borrowing constraints, we find evidence that each of these variables significantly …