Ambiguity Aversion Decreases the Impact of Partial Insurance: Evidence from African Farmers
Ambiguity Aversion Decreases the Impact of Partial Insurance: Evidence from African Farmers
复制标题
模糊厌恶降低了部分保险的影响：来自非洲农民的证据
DOI：
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发表时间：
2019
影响因子：
3.6
通讯作者：
G. Bryan
中科院分区：
文献类型：
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作者：
G. Bryan
人们认为，对小农作物损失进行赔偿在鼓励采用新技术和促进生产力增长方面发挥着重要作用，但由于信息问题而无法实现。因此，人们对开发替代性、部分保险产品产生了兴趣。例如降雨保险和信贷合同中固有的有限责任。我认为，尽管这些产品可能会减少信息不对称，但厌恶模糊性的农民很难评估合同是否会降低风险。当生产技术不明确时，这个问题最为明显，新技术很可能就是这种情况。我将这一论点形式化，并使用在马拉维和肯尼亚进行的两项随机对照试验的数据来测试该理论。该理论的比较静态数据与两组数据一致，我认为，由于模糊厌恶而造成的收入损失可能是巨大的。
Indemnifying smallholder farmers against crop loss is thought to play an important role in encouraging the adoption of new technologies and facilitating productivity growth, but to be infeasible due to information problems. Consequently there is interest in developing alternative, partial, insurance products. Examples include rainfall insurance and the limited liability inherent in credit contracts. I argue that although these products may reduce information asymmetry, ambiguity averse farmers struggle to assess whether the contracts reduce risk. This problem is most pronounced when the production technology is ambiguous, as is likely the case for new technologies. I formalize this argument and test the theory using data from two RCTs, conducted in Malawi and Kenya. Comparative statics from the theory are consistent with both sets of data, and I argue that income losses from ambiguity aversion may be substantial.
影响因子：
5.6
作者：
Foster AD;Rosenzweig MR
通讯作者：
Rosenzweig MR