Risky Insurance: Life-Cycle Insurance Portfolio Choice with Incomplete Markets

We thank Mariacristina De Nardi, Francisco Gomes, Glenn Harrison, Sasha Indarte, Kieran Larkin, Francois LeGrand, Kim Peijnenburg, Kjetil Storesletten, Johannes Stroebel, Lesley Turner, Joe Vavra, Moto Yogo, and seminar participants at many conferences, universities, and research centers for useful comments and discussions. We are especially grateful to Andrew Caplin for his insightful counsel and his financial support in fielding the survey. This research received much appreciated financial support from the Alfred P. Sloan Foundation through the NBER Household Finance Small Grant program. The project described in this paper relies on data from surveys administered by the Understanding America Study, which is maintained by the Center for Economic and Social Research (CESR) at the University of Southern California. The content of this paper is solely the responsibility of the authors and does not necessarily represent the official views of USC or UAS. The analysis and conclusions set forth here are those of the authors and do not necessarily indicate a concurrence by the Goldman Sachs Group, Inc. or the National Bureau of Economic Research.