Gobert, Karine; Poitevin, Michel - Centre Interuniversitaire de Recherche en Analyse des … - 1997
(1988). The risk averse agent's savings play the role of a collateral, thereby improving consumption smoothing. Furthermore … savings and debt substitutable. If these assumptions are relaxed, consumption smoothing worsens but is still better than what …This paper studies the effect of combining different insurance schemes on the efficiency of consumption smoothing in an …
