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1、LifeInsuranceandHouseholdConsumptionJayH.HongJose-VctorRos-RullUniversityofRochesterUniversityofMinnesota,FRBofMinneapolis,CAERP,CEPR,NBERDecember2011WethankLuisCubeddu,whosedissertationhasthedataanalysisthatconstitutestheseedsofthiswork.Wealso
2、thankparticipantsatseminarsatPenn,Stanford,NYU,theNBERSummerInstitute,andBEMADinMalaga.Ros-RullthankstheNationalScienceFoundation(GrantSES{0079504)andtheUniversityofPennsylvaniaResearchFoundation.Theviewsexpressedhereinarethoseoftheauthorsandnotnec
3、essarilythoseoftheFederalReserveBankofMinneapolisortheFederalReserveSystem.LifeInsuranceandHouseholdConsumptionAbstractUsinglifeinsuranceholdingsbyage,sex,andmaritalstatus,weinferhowindividualsvalueconsumptionindi erentdemographicstages.Weestimateequi
4、valencescalesandbequestmotivessimultaneouslywithinafullyspeci edmodelwhereagentsfaceU.S.demographicsandsaveandpurchaselifeinsurance.Our ndingsindicatethatindividualsareverycaringfordependents,thateconomiesofscalearelarge,thatchildrenareverycostly(oryi
5、eldveryhighmarginalutility),thatwiveswithchildrenproducelotsofhomegoods,andthatfemalesdisplayhabitsfrommarriage,whilemendonot.These ndingscontrastsharplywithstandardequivalencescales.Keywords:LifeInsurance,EquivalenceScales,Bequests,SavingsJELClassi c
6、ations:E21,C63,J10,D64Twocentralpiecesofmodernmacroeconomicmodelsareconsumptionandhoursworked.Inrecentyears,therehasbeenalotofe orttoconstructmodelsofthemacroeconomywithalargenumberofagents1whochoosehowmuchtoworkandhowmuchtoconsume.Still,thedataarecol
7、lectedbyposinghoursworkedbyindividualsandconsumptionofthehousehold.Thisinconsistencyineconomicunitshastoberesolved,andexcitingnewworkattemptstodoso.Someofthisworkcomesfromthelaboreconomicstraditionandrepresentsahouseholdasamultiple-agentdecision-makin
8、gunit,wheretheenvironmentshapestheformofthejointdecision,theso-calledcollectivemodel.2Standardworkinmacroeconomicsusessomeformofequivalencescalestoconstructstand-inhouseholdswithdirectpreferencesratherthanmodelingitsindividualmembers.31Thelist
