extant research on consumption insurance find that people face substantial risks that they do not fairly pool. In theory, the … changes in risk to fluctuations in aggregate consumption and (d) the significant impact of incomplete markets on aggregate …

extant research on consumption insurance find that people face substantial risks that they do not fairly pool. In theory, the … changes in risk to fluctuations in aggregate consumption and (d) the significant impact of incomplete markets on aggregate …

This paper argues that precautionary savings against uncertain income comprise a large fraction of aggregate savings. A … precautionary savings comprises up to 56 percent of aggregate life cycle savings. The derived expression for n-period optimal … comparisons of savings patterns among occupational groups using the Consumer Expenditure Survey contradict the predictions of the …