insurance. I compare models with deterministic and stochastic hazard rate of death to a model without mortality risk. Mortality … stochastic mortality risk driven by jumps, unspanned labor income as well as short-sale and liquidity constraints and a simple … risk has only minor effects on the optimal controls early in the life cycle but it becomes crucial in later years. A …

, are appealing under product market uncertainty. The model integrates efficiency wage arguments into an implicit insurance …