Husbands Might Really Be That Cheap

Matthew Chambers () and Don Schlagenhauf

No 146, 2004 Meeting Papers from Society for Economic Dynamics

Abstract: In this paper, we study the decision to purchase life insurance as part of a lifecycle plan of consumption, savings, and labor supply. Households are subject to idiosyncratic risk in their labor productivity as well as the composition and size of their family, and respond by accumulating savings, working, and purchasing life insurance to hedeg against death of an adult. Using a calibrated general equilibrium model that matches key facts from the income and wealth distribution, we estimate that consumption-smoothing motives produce excessive LI holdings relative to the data, even when load factors consistent with estimates are introduced

Keywords: Life Insurance; Demographics (search for similar items in EconPapers)
JEL-codes: D12 D91 J17 (search for similar items in EconPapers)
Date: 2004
New Economics Papers: this item is included in nep-dge
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed004:146

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