张二寅 发表于 2013-2-23 09:45
储蓄的主要目的是生命周期中退休后的日常消费,比如衣食住行,是大概率事件,且有能力应对;而保险是极少发 ...
请参阅 recursive macroeconomic theory 2ed chapter 16 self insurance
This chapter describes a version of what is sometimes called a savings problem
(e.g., Chamberlain and Wilson, 2000). A consumer wants to maximize the
expected discounted sum of a concave function of one-period consumption rates,
as in chapter 8. However, the consumer is cut off from all insurance markets and
almost all asset markets. The consumer can only purchase nonnegative amounts
of a single risk-free asset. The absence of insurance opportunities induces the
consumer to adjust his asset holdings to acquire “self-insurance.”