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96171 |
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|a Chiappori, Pierre-Andre
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|a Massachusetts Institute of Technology. Department of Economics
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|a Townsend, Robert
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|a Samphantharak, Krislert
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|a Schulhofer-Wohl, Sam
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|a Townsend, Robert
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|a Heterogeneity and risk sharing in village economies
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|b The Econometric Society,
|c 2015-03-25T15:10:11Z.
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|z Get fulltext
|u http://hdl.handle.net/1721.1/96171
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|a 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.
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|a Article
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|t Quantitative Economics
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