The Insurance Role of the Family

Fabian Kindermann and Hans Fehr

No 16591, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: Besides love and affection the family also provides economic benefits. Beyond gains from specialization and economies of scale, it serves as a provider of insurance against various risks individuals face throughout their life. This insurance role of the family has changed during past decades owing to several factors: a fundamental transition in the gender wage gap and female labor force participation, the legal framework, and the dynamics of household formation over the life cycle. The present chapter reviews recent studies that quantify the importance of family insurance and studies its interplay with social insurance as well as the private insurance market.

Keywords: Family insurance; Household decision making; Added worker effect (search for similar items in EconPapers)
JEL-codes: D10 D15 D19 J22 (search for similar items in EconPapers)
Date: 2021-09
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