In this paper we extend the traditional life cycle model of saving and portfolio choice to allow for possible long-term unemployment spells to have permanent effects on subsequent labor income prospects. The risk of losing future labor income could imply strong human capital erosion for the...

Household portfolios include risky bonds, beyond stocks, and respond to permanent labour income shocks. This paper brings these features into a life-cycle setting, and shows that optimal stock investment is constant or increasing in age before retirement for realistic parameter combinations. The...

This paper studies the demand drivers for life insurance, both lump sum and annuity, using the Bank of Italy (SHIW) panel dataset 2004-2012. We consider both participation and invested amounts. Our results point at a role of financial inclusion as pivotal in shaping life insurance demand,...

The purpose of this study is to estimate the influence of microeconomic determinants for men and women on life insurance purchase decisions. Indeed, only a few papers have tried to justify rigorously the gender-based differences in life insurance ownership. Based on survey data collected by the...