American Economic Journal: Microeconomics · 2026 · Keith M. Marzilli Ericson、Justin Sydnor
中文摘要
保险使资源在时间与状态两个维度上转移。我们在合同跨越多个消费时期的模型中,研究流动性约束下保险的平滑消费收益。流动性约束下保险需求的规范基准在质与量两方面均不同于标准模型:个人在精算公平价格下可能只部分投保;当保费非常高时、甚至有时在被占优的情况下,个人也可能从保险中获益;个人还可能看重针对必然发生之事的保险。通过针对医疗保险的模拟,我们着重说明这些发现如何为以下问题提供洞见:对于受流动性约束的人群,成本分担应如何加以不同的设计。(JEL D86, G21, G51, G52)
Abstract
Insurance moves resources across both time and states. We study the consumption-smoothing benefits of insurance under liquidity constraints in a model where contracts span multiple consumption periods. The normative benchmarks for insurance demand under liquidity constraints differ qualitatively and quantitatively from the standard model: Individuals may only partially insure at actuarially fair prices, may benefit from insurance when premiums are very high and even sometimes when dominated, and may value insurance against events that will surely happen. Using simulations for health insurance, we highlight how these findings generate insights about how cost-sharing should be designed differently for liquidity-constrained populations. (JEL D86, G21, G51, G52)