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Informal Risk-Sharing Cooperatives: The Effect of Learning and Other-Regarding Preferences

Victorien Barbet, Renaud Bourlès () and Juliette Rouchier
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Victorien Barbet: GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - ECM - Ecole Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique - AMU - Aix Marseille Université - EHESS - École des hautes études en sciences sociales
Juliette Rouchier: LAMSADE - Laboratoire d'analyse et modélisation de systèmes pour l'aide à la décision - Université Paris-Dauphine - CNRS - Centre National de la Recherche Scientifique

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Abstract: We study the dynamics of risk-sharing cooperatives among heterogeneous agents. Based of their knowledge on their risk exposure and the performance of the cooperatives, agents choose whether or not to remain in the risk-sharing agreement. We highlight the key role of other-regarding preferences, both altruism and inequality aversion, in stabilizing less segregated (and smaller) cooperatives. Limited knowledge and learning of own risk exposure also contributes to reducing segregation. Our finding shed light on the mechanisms behind risk-sharing agreements between agents heterogeneous in their risk exposure.

Keywords: risk-sharing; agent-Based; cooperative; learning; altruism; other-regarding preferences (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-agr, nep-bec and nep-upt
Date: 2017-02
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01480539
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