자료실
자료실
[2014년 제 4차] Unemployment Risks and Private Unemployment Insuran
작성자 : 관리자
조회수 : 861
게시일 :
2014-12-12
We study optimal consumption, investment, and retirement strategies of an individual subject to a nonnegative wealth constraint and exposed to unhedgeable forced unemployment risks. We nd strong evidence that a small chance of forced unemployment can have a signi cant effect on the individual's optimal consumption, investment, and retirement behaviors. Comparing a complete market with a private unemployment insurance we show that the market innovation by introduction of private unemployment insurance might increase individuals' welfare, especially welfare of poor people and people with a low post-retirement leisure preference or who are placed in bad economic conditions.