Replication data for: Life Insurance and Household Consumption

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

Version:  View help for Version V2

Name File Type Size Last Modified
  20101202_data_code 11/05/2024 11:46:PM
LICENSE.txt text/plain 14.6 KB 12/06/2019 11:08:AM

Project Citation: 

Hong, Jay H., and Ríos-Rull, José-Víctor. Replication data for: Life Insurance and Household Consumption. Nashville, TN: American Economic Association [publisher], 2024. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2024-11-09. https://doi.org/10.3886/E116112V2

Project Description

Summary:  View help for 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:  View help for Subject Terms Savings; Bequests; Equivalence Scales; Life Insurance
JEL Classification:  View help for 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:  View help for Geographic Coverage United States
Time Period(s):  View help for Time Period(s) 1990 – 1990
Data Type(s):  View help for Data Type(s) survey data; program source code

Methodology

Data Source:  View help for Data Source Panel Study of Income Dynamics (PSID), Consumer Ficial Decisions (MacroMonitor)
Unit(s) of Observation:  View help for Unit(s) of Observation Households,

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Published Versions

V2 [2024-11-09]

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