efficient allocation. We challenge this view. We show that a model with preference and wage shocks and full insurance produces … the type of inequality patterns across age groups found in U.S. data. The efficient allocation model requires an …

also play a role in accounting for the observed differences in the wealth inequality between the two economies. …

Two key components of the upcoming health reform are a reorganization of the individual health insurance market and an … income risks. We replicate the key features of the current health insurance system in the U.S. and calibrate the model using … smaller. This result is mostly driven by the fact that most uninsured people have low income. High burdens of health insurance …

fair perfect insurance. In the SE all agents are savers throughout their lives. The informational asymmetry precludes the … rather small, whilst those of PE versus no annuities at all (NAE) are rather large. An imperfect insurance is better than no … insurance at all, both at the microeconomic and at the macroeconomic level. …