Insurance against Aggregate Shocks

Material type: 文書・図像類

Author: Kunieda, Takumaほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2024-04

Material Format: Paper

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Note (General)：: Although many studies in macroeconomics have examined the role of insurance in the presence of income risk, whether aggregate shocks are insurable has...

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Paper

Material Type: 文書・図像類
Title: Insurance against Aggregate Shocks
Author/Editor: Kunieda, Takuma
Shibata, Akihisa
Author Heading: Kunieda, Takuma
Shibata, Akihisa
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2024-04
Publication Date (W3CDTF): 2024-04
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1239
Volume: 1239
Pages: 1-26
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: eng
Subject Heading: aggregate shocks
heterogeneous agents
state-contingent claims
incomplete market
Target Audience: 一般
Note (General): Although many studies in macroeconomics have examined the role of insurance in the presence of income risk, whether aggregate shocks are insurable has not been suffi-ciently investigated. We present a simple two-period general equilibrium model to show the conditions under which insurance against aggregate shocks works in an economy with constant-elasticity-substitution (CES) roduction technology and the Greenwood-Hercowitz-Huffman (GHH) utility function (Greenwood et al.,1988). Our theoretical investigation clarifies that only when agents are heterogeneous in their ability or initial wealth can aggregate shocks be insurable. From our quantitative investigation, we find that (i) agents with lower ability enjoy greater welfare improvement from insurance, and as agents’ ability increases, the welfare improvement diminishes, (ii) agents enjoy greater welfare improvement when the damage from disasters is more severe and when the frequency of disasters is greater, and (iii) although the welfare improvement in-creases as agents’initial wealth increases, the impact of a difference in agents’initial wealth on the difference in the contribution of insurance is very moderate.
References (URI): URI
https://www.iser.osaka-u.ac.jp/library/dp/2024/DP1239.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華