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Testing for Full Insurance Using Exogenous Information

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  • Ham, John C
  • Jacobs, Kris

Abstract

We strongly reject the full-insurance hypothesis, using testing variables that are not decision variables for the households under investigation. We find that households are not insured against changes in the unemployment rate associated with the household heads occupational category. Using this exogenous information, we also investigate the appropriateness of exogeneity assumptions on idiosyncratic variables that have been used as testing variables in the full-insurance literature. It is shown that several exogeneity assumptions made in the existing literature are potentially problematic.

Suggested Citation

  • Ham, John C & Jacobs, Kris, 2000. "Testing for Full Insurance Using Exogenous Information," Journal of Business & Economic Statistics, American Statistical Association, vol. 18(4), pages 387-397, October.
    • Handle: RePEc:bes:jnlbes:v:18:y:2000:i:4:p:387-97
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    Cited by:

    1. Saunders Drew, 2010. "Sharing Risk Efficiently under Suboptimal Punishments for Defection," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 10(1), pages 1-24, April.
    2. Skoufias, Emmanual & Parker, Susan W., 2002. "Labor market shocks and their impacts on work and schooling," FCND discussion papers 129, International Food Policy Research Institute (IFPRI).

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