Self-Production, Friction, and Risk Sharing against Disasters: Evidence from Vietnam
Yasuyuki Sawada (),
Hiroyuki Nakata () and
No 291077, 2011 ASAE 7th International Conference, October 13-15, Hanoi, Vietnam from Asian Society of Agricultural Economists (ASAE)
This paper uses a unique household data set collected in Vietnam to empirically test the necessary conditions for an extended version of the consumption risk-sharing hypothesis. The test explicitly incorporates self-production and uses natural disasters such as avian influenza, droughts, and floods to identify the effectiveness of market and non-market risk-sharing mechanisms. With these additional treatments, full risk sharing cannot be rejected, which suggests the presence of omitted variable bias in existing studies that reject full risk sharing. We also find that credit constraints have a significant impact, although limited commitment is not necessarily serious.
Keywords: Consumer/Household Economics; Risk and Uncertainty (search for similar items in EconPapers)
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