shock, and $W_t=\{W_{1t},W_{2t},\ldots,W_{qt}\}$ be $q$ covariates that may vary with time, but are unaffected by a given treatment regimen. For example, fixed covariates by definition would belong to this class. Let $Y_{Z_1,\ldots,Z_t}$ be the potential outcome under treatments $Z_1,\ldots,Z_t$ and $X_{Z_1,\ldots,Z_t}=\{X_{Z_1,\ldots,Z_t,1},X_{Z_1,\ldots,Z_t,2},\ldots,X_{Z_1,\ldots,Z_t,r}\}$ be the time-varying covariates affected by treatments $Z_1,\ldots,Z_t$. Similarly, we define the potential survival indicator $S_{Z_1,\ldots,Z_{t-1}}$, for survival at time $t$. The survival outcome at $t$ measures whether a subject would survive after being exposed to treatment $Z_1,\ldots,Z_{t-1}$; hence, the lagged notation for the potential survival outcome, $S_{Z_1,\ldots,Z_{t-1}}$. $v$, $z_t$, $w_t$, $y_{z_1,\ldots,z_t}$, $x_{z_1,\ldots,z_t}$, and $s_{z_1,\ldots,z_t}$ indicate the observed baseline, treatment allocation, time varying covariates unaffected by a given treatment regimen, outcome, time-varying covariates affected by a given treatment regime, and survival status variables respectively. As in [@pool], we assume that a negative wealth shock is an “absorbing state” so that once a subject receives a negative wealth shock at time $t$, i.e. $Z_t=1$, the subject is “forever” shocked, i.e. $Z_{t+1}=\ldots=Z_T=1$. Note that this need not be the case for a more general set up where we could have $Z_t=0$ when $Z_j=1$ for any $j=1,\ldots,t-1$. In our context, the potential outcomes for time $t=2$ are then $Y_{Z_1=0,Z_2=0}=Y_{00}$, $Y_{Z_1=0,Z_2=1}=Y_{01}$, and $Y_{Z_1=1,Z_2=1}=Y_{11}$; 