motive. Our findings suggest that the more risk averse individuals are those who hold less savings. When heterogeneous risk … indicators of risk aversion. The latter makes us possible to account for the fact that more risk averse individuals may select …

This paper aims to fill the gaps in the analysis of risk‐sharing channels at the microlevel, both within and across … to quantify in a unified and consistent framework several risk‐sharing mechanisms that so far have been documented … both 2008-2010 and 2010-2012 spells. The most important smoothing mechanisms turn out to be self‐insurance through savings …