households less than half of human capital risk is insured and the welfare losses due to the lack of insurance range from 3 … populated by a large number of long-lived, risk-averse households with homothetic preferences who can invest in risk …-free physical capital and risky human capital. Households have access to a complete set of credit and insurance contracts, but their …

households less than half of human capital risk is insured and the welfare losses due to the lack of insurance range from 3 … populated by a large number of long-lived, risk-averse households with homothetic preferences who can invest in risk …-free physical capital and risky human capital. Households have access to a complete set of credit and insurance contracts, but their …

capital risk. A calibrated version of the model can quantitatively account for the life-cycle variation of life-insurance … households with children are under-insured against the risk that an adult member of the household dies. We develop a tractable … macroeconomic model with human capital risk, age-dependent returns to human capital investment, and endogenous borrowing constraints …

households with children are under-insured against the risk that an adult member of the household dies. We develop a tractable … macroeconomic model with human capital risk, age-dependent returns to human capital investment, and endogenous borrowing constraints … due to the limited pledgeability of human capital. We show analytically that, consistent with the life insurance data, in …

capital risk. A calibrated version of the model can quantitatively account for the life-cycle variation of life-insurance … households with children are under-insured against the risk that an adult member of the household dies. We develop a tractable … macroeconomic model with human capital risk, age-dependent returns to human capital investment, and endogenous borrowing constraints …

households with children are under-insured against the risk that an adult member of the household dies. We develop a tractable … macroeconomic model with human capital risk, age-dependent returns to human capital investment, and endogenous borrowing constraints … due to the limited pledgeability of human capital. We show analytically that, consistent with the life insurance data, in …

households less than half of human capital risk is insured and the welfare losses due to the lack of insurance range from 3 … populated by a large number of long-lived, risk-averse households with homothetic preferences who can invest in risk …-free physical capital and risky human capital. Households have access to a complete set of credit and insurance contracts, but their …

households less than half of human capital risk is insured and the welfare losses due to the lack of insurance range from 3 … populated by a large number of long-lived, risk-averse households with homothetic preferences who can invest in risk …-free physical capital and risky human capital. Households have access to a complete set of credit and insurance contracts, but their …

households less than half of human capital risk is insured and the welfare losses due to the lack of insurance range from 3 … populated by a large number of long-lived, risk-averse households with homothetic preferences who can invest in risk …-free physical capital and risky human capital. Households have access to a complete set of credit and insurance contracts, but their …