Decreasing relative risk aversion, risk sharing, and the permanent income hypothesis

被引：7
|
作者：
Zhang, C [1 ]
Ogaki, M
机构：
[1] Univ Memphis, Fogelman Coll Business & Econ, Dept Econ, Memphis, TN 38152 USA
[2] Ohio State Univ, Dept Econ, Columbus, OH 43210 USA
来源：
JOURNAL OF BUSINESS & ECONOMIC STATISTICS | 2004年 / 22卷 / 04期
关键词：
consumption smoothing; generalized method of moments; panel data; permanent income hypothesis; risk-sharing hypothesis;
D O I：
10.1198/073500104000000406
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This article develops a method for testing the risk-sharing hypothesis (RSH) against various versions of the permanent income hypothesis (PIH) while allowing for heterogeneity in risk preferences across households. Using 1-year and longer differences in household total nondurable consumption data from Indian villages, we find evidence that favors the RSH over the PIH at the village level.
引用
收藏
页码：421 / 430
页数：10
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