English, Article, Journal or magazine article edition: Testing Efficient Risk Sharing with Heterogeneous Risk Preferences: Semi-parametric Tests with an Application to Village Economies Maurizio Mazzocco; Shiv Saini

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Bookmark: http://trove.nla.gov.au/version/30376
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Testing Efficient Risk Sharing with Heterogeneous Risk Preferences: Semi-parametric Tests with an Application to Village Economies
Author
  • Maurizio Mazzocco
  • Shiv Saini
Physical Description
  • preprint
Notes
  • Previous tests of efficient risk sharing have assumed that households have identical risk preferences. This assumption is equivalent to the restriction that households can pool their resources, but cannot optimally allocate them according to individual risk preferences. In this paper, we first test the hypothesis of homogeneous risk preferences and reject it. This result implies that previous tests should have rejected efficiency even if households are perfectly sharing risk. We then derive two tests of efficient risk sharing that allow for heterogeneity in risk preferences. Using the two tests we cannot reject efficient risk sharing
  • Risk Sharing, Efficiency, Heterogeneous Risk Preferences
  • RePEc:red:sed006:108
Language
  • English
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