Heterogeneity and risk sharing in village economies
Heterogeneity and risk sharing in village economies
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DOI：
10.3982/qe131
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发表时间：
2014-03-01
影响因子：
1.8
通讯作者：
Townsend, Robert M.
中科院分区：
文献类型：
--
作者：
Chiappori, Pierre-Andre;Samphantharak, Krislert;Townsend, Robert M.
我们展示了如何使用家庭消费面板数据来直接估计家庭的风险偏好。 Specifically, we measure heterogeneity in risk aversion among households in Thai villages using a full risk-sharing model, which we then test allowing for this heterogeneity.估计的风险偏好存在显着的、统计上显着的异质性。全额保险不能拒绝。正如风险分担的完全市场理论所预测的那样，估计的风险偏好与财富或其他特征无关。 The heterogeneity matters for policy: Although the average household would benefit from eliminating village-level risk, less-risk-averse households that are paid to absorb that risk would be worse off by several percent of household consumption.
We show how to use panel data on household consumption to directly estimate households' risk preferences. Specifically, we measure heterogeneity in risk aversion among households in Thai villages using a full risk-sharing model, which we then test allowing for this heterogeneity. There is substantial, statistically significant heterogeneity in estimated risk preferences. Full insurance cannot be rejected. As the risk-sharing as-if-complete-markets theory might predict, estimated risk preferences are unrelated to wealth or other characteristics. The heterogeneity matters for policy: Although the average household would benefit from eliminating village-level risk, less-risk-averse households that are paid to absorb that risk would be worse off by several percent of household consumption.