-free physical capital and risky human capital. Households have access to a complete set of credit and insurance contracts, but their … households less than half of human capital risk is insured and the welfare losses due to the lack of insurance range from 3 … parameters have non-negligible effects on equilibrium insurance and welfare, but the result that young households are severely …

-free physical capital and risky human capital. Households have access to a complete set of credit and insurance contracts, but their … households less than half of human capital risk is insured and the welfare losses due to the lack of insurance range from 3 … parameters have non-negligible effects on equilibrium insurance and welfare, but the result that young households are severely …

-free physical capital and risky human capital. Households have access to a complete set of credit and insurance contracts, but their … households less than half of human capital risk is insured and the welfare losses due to the lack of insurance range from 3 … parameters have non-negligible effects on equilibrium insurance and welfare, but the result that young households are severely …

-free physical capital and risky human capital. Households have access to a complete set of credit and insurance contracts, but their … households less than half of human capital risk is insured and the welfare losses due to the lack of insurance range from 3 … parameters have non-negligible effects on equilibrium insurance and welfare, but the result that young households are severely …

-free physical capital and risky human capital. Households have access to a complete set of credit and insurance contracts, but their … households less than half of human capital risk is insured and the welfare losses due to the lack of insurance range from 3 … parameters have non-negligible effects on equilibrium insurance and welfare, but the result that young households are severely …

with the life insurance data, in equilibrium young households are borrowing constrained and under-insured against human … capital risk. A calibrated version of the model can quantitatively account for the life-cycle variation of life-insurance … to a substantial increase in the volume of both credit and insurance. …

due to the limited pledgeability of human capital. We show analytically that, consistent with the life insurance data, in … account for the life-cycle variation of life-insurance holdings, financial wealth, earnings, and consumption inequality … insurance. …