Risk-Sharing between and within Families

Fumio Hayashi, Joseph Altonji and Laurence Kotlikoff

Econometrica, 1996, vol. 64, issue 2, 261-94

Abstract: This paper uses the Panel Study of Income Dynamics to test whether risk-sharing is complete between or within American families. The tests accommodate wide variety in the configuration and availability of family data. The test results reject inter- as well as intra-family full risk-sharing even assuming that leisure is endogenous or that leisure and consumption are nonseparable. Copyright 1996 by The Econometric Society.

Date: 1996
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