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  <http://purl.org/dc/terms/title> "Heterogeneity and Risk Sharing in Village Economies";
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    "Townsend, Robert M., 1948-",
    "Schulhofer-Wohl, Sam",
    "Samphantharak, Krislert";
  <http://purl.org/dc/elements/1.1/publisher> "Federal Reserve Bank of Minneapolis";
  <http://purl.org/dc/elements/1.1/relation> "Heterogeneity",
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    "Risk preferences",
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  <http://purl.org/dc/elements/1.1/subject> "D91 - Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making",
    "D12 - Consumer Economics: Empirical Analysis",
    "G11 - Portfolio Choice; Investment Decisions",
    "D81 - Criteria for Decision-Making under Risk and Uncertainty",
    "O16 - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance",
    "D14 - Household Saving; Personal Finance",
    "D53 - General Equilibrium and Disequilibrium: Financial Markets";
  <http://purl.org/dc/terms/abstract> "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. "^^<http://ns.ontowiki.net/SysOnt/Markdown>;
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