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Risk Sharing and Quasi-Credit.

Abstract:

Recent empirical evidence indicates that rural households in the Third World smooth consumption through reciprocal gifts and informal credit but fail to achieve Pareto efficiency in risk sharing. Extending previous models of informal contracts as repeated games, this paper shows that several often-described features of informal risk sharing arrangements can be understood as limitations imposed by their self-enforcing nature. We argue that informal credit between friends and relatives is a hyb...

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Journal:
Journal of International Trade and Economic Development More from this journal
Volume:
8
Publication date:
1999-01-01
Language:
English
UUID:
uuid:fbfdd292-c123-4b12-a524-6501c4629c15
Local pid:
oai:economics.ouls.ox.ac.uk:11020
Deposit date:
2011-08-16

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