Risiken im lebenszyklus: Theorie und evidenz

Individuals are exposed over the life cycle to considerable biometric, economic, family and political risks. Do we have the right institutions to cover these risks efficiently? We use the term "institutions" in a broad sense comprising individual saving, family help, private insurance and finally the state with its social insurance systems. Where and when do these institutions work efficiently and effectively? Where and when do they fail? What needs to be done to improve them? What does modern "social risk management" look like? The article sketches the theoretical underpinnings of saving behavior, portfolio choice and insurance demand and collects the empirical evidence in order to draw economic policy conclusions.