baseline case where financial frictions are zero. Consistent with theory, small firms and firms without bond ratings show the …

autarky, but also partial and full insurance can obtain, depending on the relative patience of agents and financial … intermediaries. Insurance can be provided because in an equilibrium contract an up-front payment effectively locks in the agent with …

One goal of government health insurance programs is to improve health, yet little is known empirically about how … major health insurance expansion in Costa Rica. In contrast to previous work in this area that has used aggregated … indicate that aggregation can introduce substantial upward biases in the insurance effects. Overall we find a statistically …

illness can significantly increase the value of statistical life, helping to reconcile theory with empirical findings that …

hold little long-term care insurance (LTCI). In this paper we use a structural model and a purpose-designed dataset to … understand the determinants of insurance demand. We distinguish between a fundamental lack of desire to insure, crowd out from … existing insurance, and unmet demand due to poor products available in the market. The model features individual-specific non …

Demand for insurance can be driven by high risk aversion or high risk. We show how to separately identify risk … preferences and risk types using only choices from menus of insurance plans. Our revealed preference approach does not rely on … in insurance plans, offered separately to random cross-sections or offered as part of the same menu to one cross …

Heterogeneously risk-averse individuals who lack access to formal insurance build and use relationships with each other … assignments generates insights into the role played by endogenous insurance relationships in shaping informal firm structure and …

We propose and test a theory of corporate liquidity management in which credit lines provided by banks to firms are a … form of monitored liquidity insurance. Bank monitoring and resulting credit line revocations help control illiquidity … because the cost of monitored liquidity insurance increases with liquidity risk. We exploit a quasi-experiment around the …