Insurance markets are characterized by profound market imperfections. Insurance intermediaries reduce transaction costs and information asymmetries. From transaction cost economics, agency theory, and law and economics literature the hypothesis is derived that insurance brokers may provide more...

This paper reviews three important issues in the literature on international and intranational risk sharing. First, we establish a comprehensive se t of stylized facts for consumption risk sharing within and across countries. Consistent with the findings in the literature, we find that the...

This paper considers family formation and reciprocity-based cooperation in the form of sharing of earnings-risk. While risk sharing is one benefit to marriage it is also limited by divorce risk. With search in the marriage market there may be multiple equilibria diering not only in divorce rates...

This paper reviews three important issues in the literature on international and intranational risk sharing. First, we establish a comprehensive set of stylized facts for consumption risk sharing within and across countries. Consistent with the findings in the literature, we find that the...