The Family as an Incomplete Annuities Market
研究家庭如何通过代际转移和消费安排自我保险以应对死亡时间的不确定性，发现即使小家庭也能替代超过70%的完美市场年金，并探讨逆向选择和交易成本下家庭风险分担优于公共年金的可能性。
Families can self-insure against uncertain dates of death through implicit or explicit agreements with respect to consumption and interfamily transfers. Interfamily transfers need have nothing to do with altruistic feelings; they may simply reflect risk-sharing behavior of completely selfish family members. Although family annuity markets are incomplete, even small families can substitute by more than 70 percent for perfect market annuities. Given adverse selection and transaction costs, family risk pooling may be preferred to public market annuities. In the absence of public annuities, these risk-sharing arrangements provide powerful incentives for marriage and family formation.