This paper highlights the identification problem of the reduced-form approach in quantifying the degree of consumption insurance as in Blundell et al. (2008, BPP thereafter). I argue that the reduced-form estimates are difficult to interpret in terms of the degree of consumption insurance. I...

Recent risk sharing tests strongly reject the hypothesis of complete markets, because in the data: (1) the individual consumption comoves with income and (2) the consumption dispersion increases over the life cycle. In this paper, I revisit the implications of these risk sharing tests in the...

Although standard incomplete market models can account for the magnitude of the rise in consumption inequality over the life cycle, they generate unrealistically concave age profiles of consumption inequality and unrealistically less wealth inequality. In this paper, I investigate the role of...

Recent risk sharing tests strongly reject the hypothesis of complete markets, because in the data: (1) the individual consumption comoves with income and (2) the consumption dispersion increases over the life cycle. In this paper, I revisit the implications of these risk sharing tests in the...

Although standard incomplete market models can account for the magnitude of the rise in consumption inequality over the life cycle, they generate unrealistically concave age profiles of consumption inequality and unrealistically less wealth inequality. In this paper, I investigate the role of...

An experimental setup is developed to measure accurately and reproducibly the effective mass as well as its fluctuations at the bottom of the granular columns. It is found that the saturated mass Ms obeys a third power function of the diameter of the silos. The data obtained are in agreement...

We theoretically investigate the motion of a ball rolling down on a periodical staircase. Our research is restricted in the case of completely inelastic collision when the ball falls down on the surface of the stairs. The ball is accelerated when it rolls cross the edge of the stair, while it is...

We report the fluctuations in apparent mass at the bottom of granular columns due to various configurations. It is found that the fluctuations decrease with the increase in the ratio of diameters of silo to grain. For the arrangement of different grain layers in a column, the higher fluctuations...

Although standard incomplete market models can account for the magnitude of the rise in consumption inequality over the life cycle, they generate unrealistically concave age pro.les of consumption inequality and unrealistically less wealth inequality. In this paper, I investigate the role of...

Recent risk sharing tests strongly reject the hypothesis of complete markets, because in the data: (1) the individual consumption comoves with income and (2) the consumption dispersion increases over the life cycle. In this paper, I revisit the implications of these risk sharing tests in the...