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The Insurance Role of the Family

Author

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  • Kindermann, Fabian
  • Fehr, Hans

Abstract

Besides love and affection the family also provides economic benefits. Beyond gains from specialization and economies of scale, it serves as a provider of insurance against various risks individuals face throughout their life. This insurance role of the family has changed during past decades owing to several factors: a fundamental transition in the gender wage gap and female labor force participation, the legal framework, and the dynamics of household formation over the life cycle. The present chapter reviews recent studies that quantify the importance of family insurance and studies its interplay with social insurance as well as the private insurance market.

Suggested Citation

  • Kindermann, Fabian & Fehr, Hans, 2021. "The Insurance Role of the Family," CEPR Discussion Papers 16591, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:16591
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    More about this item

    Keywords

    Family insurance; Household decision making; Added worker effect;
    All these keywords.

    JEL classification:

    • D10 - Microeconomics - - Household Behavior - - - General
    • D15 - Microeconomics - - Household Behavior - - - Intertemporal Household Choice; Life Cycle Models and Saving
    • D19 - Microeconomics - - Household Behavior - - - Other
    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply

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