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<!DOCTYPE html> <HTML lang="en"> <HEAD> <TITLE>Risk Sharing in Private Information Models With Asset Accumulation: Explaining the Excess Smoothness of Consumption</TITLE> <meta charset="utf-8"> <meta http-equiv="X-UA-Compatible" content="IE=edge"> <meta name="viewport" content="width=device-width, initial-scale=1.0"> <link rel="stylesheet" href="https://maxcdn.bootstrapcdn.com/bootstrap/4.0.0/css/bootstrap.min.css" integrity="sha384-Gn5384xqQ1aoWXA+058RXPxPg6fy4IWvTNh0E263XmFcJlSAwiGgFAW/dAiS6JXm" crossorigin="anonymous"> <link rel="stylesheet" href="/css/font-awesome.min.css">   <link href="/css/normalnew.css" rel="stylesheet" type="text/css"/> <link href="/css/pushy.css" rel="stylesheet" type="text/css"/> <link rel="icon" type="image.jpg" href="/favicon.ico">  <script type='text/javascript'> var captchaContainer = null; var loadCaptcha = function() { captchaContainer = grecaptcha.render('captcha_container', { 'sitekey' : '6LdQebIaAAAAACSKxvbloyrkQ_q-MqhOAGgD5PQV', 'callback' : function(response) { console.log(response); } }); }; </script> <META NAME="handle" CONTENT="RePEc:ecm:emetrp:v:79:y:2011:i:4:p:1027-1068"><META NAME="description" CONTENT="We derive testable implications of model in which first best allocations are not achieved because of a moral hazard problem with hidden saving. We show that in this environment agents typically achieve more insurance than that obtained under autarchy via saving, and that consumption allocation gives rise to 'excess smoothness of consumption', as found and defined by Campbell and Deaton (1987). We argue that the evidence on excess smoothness is consistent with a violation of the simple intertemporal budget constraint considered in a Bewley economy (with a single asset) and use techniques proposed by Hansen et al. (1991) to test the intertemporal budget constraint. We also construct closed form examples where the excess smoothness parameter has a structural interpretation in terms of the severity of the moral hazard problem. Evidence from the UK on the dynamic properties of consumption and income in micro data is consistent with the implications of the model.<br><small>(This abstract was borrowed from another version of this item.)</small>"> <META NAME="keywords" CONTENT=""> <META NAME="jel_code" CONTENT="D82; E21"> <META NAME="author" CONTENT="Orazio P. Attanasio & Nicola Pavoni"> <META NAME="author_shortid" CONTENT="ppa312"> <META NAME="title" CONTENT="Risk Sharing in Private Information Models With Asset Accumulation: Explaining the Excess Smoothness of Consumption"> <META NAME="download" CONTENT="0"> <META NAME="freedownload" CONTENT="0"> <META NAME="date" CONTENT="2011-02-02"> <META NAME="citation_publication_date" CONTENT="2011"> <META NAME="citation_authors" content="Orazio P. 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We also construct closed form examples where the excess smoothness parameter has a structural interpretation in terms of the severity of the moral hazard problem. Evidence from the UK on the dynamic properties of consumption and income in micro data is consistent with the implications of the model.<br><small>(This abstract was borrowed from another version of this item.)</small>"> <META NAME="citation_publisher" content="Econometric Society"> <META NAME="citation_journal_title" content="Econometrica"> <META NAME="citation_keywords" content=""> <META NAME="citation_abstract_html_url" content="https://ideas.repec.org/a/ecm/emetrp/v79y2011i4p1027-1068.html"> <META NAME="citation_abstract_pdf_url" content="https://ideas.repec.org/a/ecm/emetrp/v79y2011i4p1027-1068.html"> <META NAME="redif-type" content="article"> <META NAME="citation_type" content="redif-article"> <META NAME="citation_year" content="2011"> <META NAME="citation_volume" content="79"> <META NAME="citation_issue" content="4"> <META NAME="citation_firstpage" content="1027"> <META NAME="citation_lastpage" content="1068"> <META NAME="twitter:card" content="summary_large_image"> <META NAME="twitter:site" content="@repec_org"> <META NAME="twitter:title" content="Risk Sharing in Private Information Models With Asset Accumulation: Ex"> <META NAME="twitter:description" content="We derive testable implications of model in which first best allocations are not achieved because of a moral hazard problem with hidden saving. We show that in this environment agents typically achiev"> <META NAME="twitter:image" content="https://ideas.repec.org/cgi-bin/twimage.cgi?a&ecm:emetrp:v:79:y:2011:i:4:p:1027-1068"> <META PROPERTY="og:type" content="article"> <META PROPERTY="og:title" content="Risk Sharing in Private Information Models With Asset Accumu"> <META PROPERTY="og:description" content="We derive testable implications of model in which first best allocations are not achieved because of a moral hazard problem with hidden saving. We show that in this environment agents typically achiev"> <META PROPERTY="og:url" content="https://ideas.repec.org//a/ecm/emetrp/v79y2011i4p1027-1068.html"> <META PROPERTY="og:image" content="https://ideas.repec.org/cgi-bin/twimage.cgi?a&ecm:emetrp:v:79:y:2011:i:4:p:1027-1068"> <script type="application/ld+json"> { "@context": "http://schema.org", "@graph": [ { "@id": "#periodical", "@type": "Periodical", "name": "Econometrica", "publisher": "Econometric Society", "url": "https://ideas.repec.org/s/ecm/emetrp.html", "requiresSubscription": "false" }, { "@id": "#number", "@type": "PublicationIssue", "datePublished": "2011", "issueNumber": "4" }, { "@id": "#volume", "@type": "PublicationVolume", "volumeNumber": "79" }, { "@id": "#article", "@type": "ScholarlyArticle", "name": "Risk Sharing in Private Information Models With Asset Accumulation: Explaining the Excess Smoothness of Consumption", "url": "https://ideas.repec.org//a/ecm/emetrp/v79y2011i4p1027-1068.html", "description": "We derive testable implications of model in which first best allocations are not achieved because of a moral hazard problem with hidden saving. We show that in this environment agents typically achieve more insurance than that obtained under autarchy via saving, and that consumption allocation gives rise to 'excess smoothness of consumption', as found and defined by Campbell and Deaton (1987). We argue that the evidence on excess smoothness is consistent with a violation of the simple intertemporal budget constraint considered in a Bewley economy (with a single asset) and use techniques proposed by Hansen et al. (1991) to test the intertemporal budget constraint. We also construct closed form examples where the excess smoothness parameter has a structural interpretation in terms of the severity of the moral hazard problem. 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<li class="nav-item"> <a class="nav-link" id="correct-tab" data-toggle="tab" href="#correct" role="tab" aria-controls="correct" aria-selected="false">Corrections</a> </li> </ul> <div class="tab-content" id="myTabContent"> <div class="tab-pane fade show active" id="author-abstract" role="tabpanel" aria-labelledby="author-abstract-tab"> <h2>Author</h2> <div id="author-body"> <div id="authortable"> <div id="listed-authors">Listed: <ul id="authorlist"><li class="authorname">Orazio P. Attanasio</li> <li class="authorname">Nicola Pavoni</li> </ul></div><div id="registered-authors"> <a href="https://authors.repec.org/">Registered:</a> <ul id="authorregistered"><li><a href="/f/ppa312.html">Nicola Pavoni </A></li> </ul> </div> </div> </div> <h2 style="clear:left">Abstract</h2><div id="abstract-body">We derive testable implications of model in which first best allocations are not achieved because of a moral hazard problem with hidden saving. We show that in this environment agents typically achieve more insurance than that obtained under autarchy via saving, and that consumption allocation gives rise to 'excess smoothness of consumption', as found and defined by Campbell and Deaton (1987). We argue that the evidence on excess smoothness is consistent with a violation of the simple intertemporal budget constraint considered in a Bewley economy (with a single asset) and use techniques proposed by Hansen et al. (1991) to test the intertemporal budget constraint. We also construct closed form examples where the excess smoothness parameter has a structural interpretation in terms of the severity of the moral hazard problem. Evidence from the UK on the dynamic properties of consumption and income in micro data is consistent with the implications of the model.<br><small>(This abstract was borrowed from another version of this item.)</small></div> <h2>Suggested Citation</h2> <div id="biblio-body"> <LI class="list-group-item downnone"> Orazio P. Attanasio & Nicola Pavoni, 2011. "<B><A HREF="/a/ecm/emetrp/v79y2011i4p1027-1068.html">Risk Sharing in Private Information Models With Asset Accumulation: Explaining the Excess Smoothness of Consumption</A></B>," <A HREF="/s/ecm/emetrp.html">Econometrica</A>, Econometric Society, vol. 79(4), pages 1027-1068, July. </li> Handle: <i style="word-break:break-all">RePEc:ecm:emetrp:v:79:y:2011:i:4:p:1027-1068</i> <form method="post" action="/cgi-bin/refs.cgi" enctype="multipart/form-data" target="refs" class="form-inline" role="form" style="margin-bottom: 10px;"> <input type="hidden" name="handle" value="RePEc:ecm:emetrp:v:79:y:2011:i:4:p:1027-1068"> <div class="pull-left" style="padding-right: 2px;"> <input type="submit" class="btn btn-default fa" name="ref" value="Export reference "> as </div> <div class="col-xs-8" style="padding-left: 0;"> <select name="output" size="1"> <option value="0">HTML</option> <option value="0.5">HTML with abstract</option> <option value="1">plain text</option> <option value="1.5">plain text with abstract</option> <option value="2">BibTeX</option> <option value="3">RIS (EndNote, RefMan, ProCite)</option> <option value="4">ReDIF</option> <option value="6">JSON</option> </select> </div> </form></div> </div> <div class="tab-pane fade" id="download" role="tabpanel" aria-labelledby="download-tab"> <h2>Download full text from publisher</h2><p></p><B>To our knowledge, this item is not available for download</B>. To find whether it is available, there are three options:<BR> 1. Check below whether another version of this item is available online.<BR> 2. Check on the provider's <A HREF="https://edirc.repec.org/data/essssea.html" target="_blank">web page</A> <i class="fa fa-external-link"></i> whether it is in fact available.<BR> 3. Perform a <A HREF="/cgi-bin/htsearch2?q=%22Risk+Sharing+in+Private+Information+Models+With+Asset+Accumulation++Explaining+the+Excess+Smoothness+of+Consumption%22" rel="nofollow">search</A> for a similarly titled item that would be available. <h2>Other versions of this item:</h2> <div class="otherversion"><UL><LI class="list-group-item downfree"> Orazio Attanasio & Nicola Pavoni, 2008. "<B><A HREF="https://ideas.repec.org/p/cca/wpaper/103.html">Risk Sharing in Private Information Models with Asset Accumulation: Explaining the Excess Smoothness of Consumption</A></B>," <A HREF="https://ideas.repec.org/s/cca/wpaper.html">Carlo Alberto Notebooks</A> 103, Collegio Carlo Alberto. <LI class="list-group-item downfree"> Orazio Attanasio & Nicola Pavoni, 2007. "<B><A HREF="https://ideas.repec.org/p/nbr/nberwo/12994.html">Risk Sharing in Private Information Models with Asset Accumulation: Explaining the Excess Smoothness of Consumption</A></B>," <A HREF="https://ideas.repec.org/s/nbr/nberwo.html">NBER Working Papers</A> 12994, National Bureau of Economic Research, Inc. </UL></div> </div> <div class="tab-pane fade" id="refs" role="tabpanel" aria-labelledby="refs-tab"><h2>References listed on IDEAS</h2><form method="post" action="/cgi-bin/refs.cgi" enctype="multipart/form-data" target="refs" class="form-inline" role="form" style="margin-bottom: 10px;"> <input type="hidden" name="handle" value="repec:fip:fedmsr:238#repec:ucp:jpolec:v:102:y:1994:i:3:p:437-67#repec:tpr:jeurec:v:3:y:2005:i:2-3:p:370-381#repec:cla:levarc:391749000000000449#repec:cla:levrem:122247000000000729#repec:cla:levarc:1578#repec:mcm:deptwp:2003-07#repec:oup:restud:v:65:y:1998:i:4:p:847-864.#repec:eee:jetheo:v:87:y:1999:i:1:p:1-48#repec:sef:csefwp:06.1998#repec:nbr:nberwo:1832#repec:ecm:emetrp:v:53:y:1985:i:3:p:503-43#repec:cla:najeco:391749000000000449#repec:nbr:nberwo:2252#repec:ifs:ifsewp:97/15#repec:ecm:emetrp:v:69:y:2001:i:3:p:575-98#repec:ecm:emetrp:v:57:y:1989:i:2:p:411-45#repec:duk:dukeec:04-05#repec:fth:caldav:93-02#repec:cla:levrem:122247000000000138#repec:eee:econom:v:30:y:1985:i:1-2:p:109-126#repec:fth:priwds:168#repec:fip:fedmsr:293#repec:ecm:emetrp:v:53:y:1985:i:1:p:69-76#repec:ucp:jpolec:v:103:y:1995:i:6:p:1121-57#repec:ecm:emetrp:v:72:y:2004:i:1:p:1-32#repec:ier:iecrev:v:25:y:1984:i:1:p:1-20#repec:ifs:ifsewp:01/07#repec:oup:restud:v:68:y:2001:i:4:p:757-779.#repec:cla:levarc:2062#repec:eee:ecolet:v:17:y:1985:i:1-2:p:27-31#repec:nbr:nberwo:4328#repec:nbr:nberwo:4771#repec:cla:levarc:2069#repec:ecm:emetrp:v:73:y:2005:i:5:p:1587-1621#repec:fip:fedmwp:615#repec:ucp:jpolec:v:104:y:1996:i:6:p:1227-62#repec:oup:restud:v:70:y:2003:i:3:p:569-587#repec:nbr:nberwo:6560#repec:tpr:restat:v:83:y:2001:i:1:p:13-27#repec:ucp:jpolec:v:89:y:1981:i:5:p:974-1009#repec:oup:restud:v:60:y:1993:i:3:p:631-649.#repec:oup:restud:v:56:y:1989:i:3:p:357-373.#repec:eee:jetheo:v:16:y:1977:i:2:p:252-292#repec:hrv:faseco:3221494#repec:ifs:ifsewp:99/19#repec:cla:levarc:1909#repec:oup:qjecon:v:113:y:1998:i:2:p:603-640.#repec:aea:aecrev:v:81:y:1991:i:5:p:1238-53#repec:eee:moneco:v:21:y:1988:i:1:p:17-33#repec:ifs:ifsewp:04/28#repec:nbr:nberwo:4795#repec:nbr:nberwo:12456#repec:cla:levrem:666156000000000426#repec:oup:restud:v:68:y:2001:i:3:p:523-542.#repec:ecm:emetrp:v:52:y:1984:i:1:p:21-45#repec:aea:aecrev:v:98:y:2008:i:5:p:1887-1921#repec:ucp:jpolec:v:86:y:1978:i:6:p:971-87#repec:cpr:ceprdp:3632"> <div class="pull-left" style="padding-right: 2px;"> <input type="submit" class="btn btn-default fa" name="ref" value="Export references "> as </div> <div class="col-xs-8" style="padding-left: 0;"> <select name="output" size="1"> <option value="0">HTML</option> <option value="0.5">HTML with abstract</option> <option value="1">plain text</option> <option value="1.5">plain text with abstract</option> <option value="2">BibTeX</option> <option value="3">RIS (EndNote, RefMan, ProCite)</option> <option value="4">ReDIF</option> <option value="6">JSON</option> </select> </div> </form> <ol class="list-group"><LI class="list-group-item downgate"> Gali, Jordi, 1991. 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