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首页> 外文期刊>The Review of Economic Studies >Efficient Risk Sharing with Limited Commitment and Storage
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Efficient Risk Sharing with Limited Commitment and Storage

机译：有限承诺和存储的高效风险共享

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We extend the model of risk sharing with limited commitment by introducing both a public and a private (unobservable and/or non-contractible) storage technology. Positive public storage relaxes future participation constraints, hence it can improve risk sharing, contrary to the case where hidden income or effort is the deep friction. The characteristics of constrained-efficient allocations crucially depend on the storage technology's return. At the steady state, if the return on storage is (i) moderately high, both assets and the consumption distribution may remain time-varying; (ii) sufficiently high, assets converge almost surely to a constant and the consumption distribution is time-invariant; (iii) equal to agents' discount rate, perfect risk sharing is self-enforcing. Agents never have an incentive to use their private storage technology, i.e. Euler inequalities are always satisfied, at the constrained-efficient allocation of our model, while this is not the case without optimal public asset accumulation. Finally, we find that, in contrast with the limited-commitment model without storage, past income affects consumption growth negatively both in our model with storage and in data from Indian villages.
机译：我们通过介绍公共和私人（不可取的和/或不可收纳）存储技术来扩展风险共享模型。积极的公共存储放松未来的参与限制，因此可以改善风险分享，与隐藏收入或努力是深度摩擦的情况相反。受限有效分配的特征至关重要地取决于存储技术的回归。在稳定状态下，如果存储返回（i）适度高，这两个资产和消费分布都可能保持时变; （ii）足够高，资产几乎肯定会收敛到常数，消费分布是时间不变; （iii）等于代理人的折扣率，完美的风险分享是自我执行的。代理商从来没有激励他们的私人存储技术，即Euler不平等总是满足我们的模型的有限高效分配，虽然没有最佳的公共资产积累，但这不是这种情况。最后，我们发现，与没有存储的有限承诺模型相比，过去的收入在我们的模型中产生消费增长，以及来自印度村庄的数据。

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