dc.contributor.author | Chiappori, Pierre-Andre | |
dc.contributor.author | Samphantharak, Krislert | |
dc.contributor.author | Schulhofer-Wohl, Sam | |
dc.contributor.author | Townsend, Robert | |
dc.date.accessioned | 2015-03-25T15:10:11Z | |
dc.date.available | 2015-03-25T15:10:11Z | |
dc.date.issued | 2014-03 | |
dc.date.submitted | 2013-06 | |
dc.identifier.issn | 17597323 | |
dc.identifier.issn | 1759-7331 | |
dc.identifier.uri | http://hdl.handle.net/1721.1/96171 | |
dc.description.abstract | 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. | en_US |
dc.language.iso | en_US | |
dc.publisher | The Econometric Society | en_US |
dc.relation.isversionof | http://dx.doi.org/10.3982/qe131 | en_US |
dc.rights | Creative Commons Attribution-Noncommercial-Share Alike | en_US |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-sa/4.0/ | en_US |
dc.source | MIT web domain | en_US |
dc.title | Heterogeneity and risk sharing in village economies | en_US |
dc.type | Article | en_US |
dc.identifier.citation | Chiappori, Pierre-André, Krislert Samphantharak, Sam Schulhofer-Wohl, and Robert M. Townsend. “Heterogeneity and Risk Sharing in Village Economies.” Quantitative Economics 5, no. 1 (March 2014): 1–27. | en_US |
dc.contributor.department | Massachusetts Institute of Technology. Department of Economics | en_US |
dc.contributor.mitauthor | Townsend, Robert | en_US |
dc.relation.journal | Quantitative Economics | en_US |
dc.eprint.version | Author's final manuscript | en_US |
dc.type.uri | http://purl.org/eprint/type/JournalArticle | en_US |
eprint.status | http://purl.org/eprint/status/PeerReviewed | en_US |
dspace.orderedauthors | Chiappori, Pierre-André; Samphantharak, Krislert; Schulhofer-Wohl, Sam; Townsend, Robert M. | en_US |
dc.identifier.orcid | https://orcid.org/0000-0002-1528-8102 | |
mit.license | OPEN_ACCESS_POLICY | en_US |
mit.metadata.status | Complete | |