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UID:c23cf92a2369def5a835fe80a5534872
CATEGORIES:Seminars
CREATED:20170426T194729
SUMMARY:Lunch Seminar: Olivier Armantier - NY FED
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Insurance and Portfolio Decisions: A Wealth Effect Puzzle\nAbstract:\n In a
  standard economic model, the decision to invest in risky assets and the de
 cision to insure against the risk of loss reflect the same, albeit opposite
 , risk retention tradeoff. Insurance and portfolio decisions should therefo
 re produce similar, but opposite, behavior and comparative statics. In this
  paper we test whether, consistent with standard theory, the wealth elastic
 ity of demand for insurance and risky assets have opposite signs. We do so 
 using survey data for a representative sample of U.S. households which comb
 ines comprehensive individual level information on wealth and insurance cov
 erage. The empirical analysis produces two main results: we find strong evi
 dence that insurance is a normal good (an important result in itself), and 
 we identify a puzzle in the sense that, contrary to standard theory, the we
 alth elasticity of demand for risky assets and insurance have the same posi
 tive sign. We try to explain this puzzle using conventional and behavioral 
 theories, but we conclude that none of these approaches are convincing at e
 xplaining the puzzle.\n
DTSTAMP:20260405T231248Z
DTSTART:20170519T130000Z
DTEND:20170519T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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