; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Heterogeneity and Risk Sharing in Village Economies"; ; "batchuser@example.com"; "Schulhofer-Wohl, Sam", "Townsend, Robert M.", "Samphantharak, Krislert", "Chiappori, Pierre-André"; "Federal Reserve Bank of Minneapolis"; "Heterogeneity", "Complete markets", "Insurance", "Risk preferences"; "D14 - Household Saving; Personal Finance", "D53 - General Equilibrium and Disequilibrium: Financial Markets", "O16 - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance", "D12 - Consumer Economics: Empirical Analysis", "G11 - Portfolio Choice; Investment Decisions", "D81 - Criteria for Decision-Making under Risk and Uncertainty", "D91 - Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making"; "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 who are paid to absorb that risk would be worse off by several percent of household consumption."^^; "2013-06-17"; "2019-06-04T14:19:07.021825786+00:00"^^; "https://doi.org/10.21034/sr.483"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2020-06-02T17:28:35.874043128+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "135", "791", "687", "710"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "483"; "Risk preferences", "Complete markets", "Heterogeneity", "Insurance"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; """.Published in: _Quantitative Economics_ (Vol. 5, No. 1, March 2014, pp. 1-27) https://doi.org/10.3982/QE131. Related paper: [Working Paper 683: Heterogeneity and Risk Sharing in Village Economies](https://doi.org/10.21034/wp.683)"""^^; ; "Publication" . ; .