Scared to be poor: Vulnerability and poverty in Great Britain at the beginning of the 20th century
Federica Di Battista
No 5, HHB Working Papers Series from The Historical Household Budgets Project
This work explores the determinants of poverty in Edwardian Britain. We use a new household budget sample collected between 1900 and 1914 to understand what role vulnerability played in determining poverty and undernutrition. First, using a probit model we find that due to perceived risk on one hand, and to social norms on the other, families purchased insurance schemes as a strategy to cope with uncertainty. Second, using recursive mixed process estimation, we find that the decision to insure caused a reallocation from food to precautionary expenditures, which led to a significant reduction in calorie availability.
Keywords: 1900-1914; Great Britain; insurance; poverty; vulnerability (search for similar items in EconPapers)
JEL-codes: C14 I31 I32 N33 (search for similar items in EconPapers)
Pages: 34 pages
New Economics Papers: this item is included in nep-agr, nep-his and nep-ias
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Persistent link: https://EconPapers.repec.org/RePEc:hbu:wpaper:5
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