Question

In terms of constraints on household consumption smoothing behaviour is weakness of will co-insurance or self-insurance?

Answer 1

Consumption smoothing refers to permit consumers to control their spending so that they can meet their different commitments when income is fluctuating. To attain consumption smoothing, most people plan and try to stick to a budget so that they can pay their bills when they come due.
Consumption smoothing is the execution of improving the quality of living by ensuring a right balance between expenditure and saving during the different phases of the life.
Household consumption behavior is that the individual, maximizes the utility taken from the consumption of goods and services within a set of constraints forced by prices and income
So we can say that, in the terms of constraints on household consumption smoothing behaviour is weakness of will self insurance.