Replication data for: Life Insurance and Household Consumption

Principal Investigator(s): View help for Principal Investigator(s) Jay H. Hong; José-Víctor Ríos-Rull

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Project Citation:

Hong, Jay H., and Ríos-Rull, José-Víctor. Replication data for: Life Insurance and Household Consumption. Nashville, TN: American Economic Association [publisher], 2012. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-06. https://doi.org/10.3886/E116112V1

Project Description

Summary: Using life insurance holdings by age, sex, and marital status, we infer how individuals value consumption in different demographic stages. We estimate equivalence scales and bequest motives simultaneously within a fully specified model where agents face US demographics and save and purchase life insurance. Our findings indicate that individuals are very caring for dependents, that economies of scale are large, that children are very costly (or yield very high marginal utility), that wives with children produce lots of home goods, and that females display habits from marriage, while men do not. These findings contrast sharply with standard equivalence scales.

Scope of Project

Subject Terms: Savings; Bequests; Life Insurance; Equivalence Scales

JEL Classification:
      D12 Consumer Economics: Empirical Analysis
      D14 Household Saving; Personal Finance
      D64 Altruism; Philanthropy; Intergenerational Transfers
      D15 Intertemporal Household Choice; Life Cycle Models and Saving
      E21 Macroeconomics: Consumption; Saving; Wealth
      G22 Insurance; Insurance Companies; Actuarial Studies

Geographic Coverage: United States

Time Period(s): 1990 – 1990

Data Type(s): survey data; program source code

Methodology

Data Source: Panel Study of Income Dynamics (PSID), Consumer Ficial Decisions (MacroMonitor)

Unit(s) of Observation: Households,

Related Publications

This study is un-published. See below for other available versions.

Published Versions

V2 [2024-11-09]

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Dublin Core

DDI 2.5

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