In-Kind Transfers as Insurance

• 成果类型: Article
• 署名作者: Gadenne, Lucie; Norris, Samuel; Singhal, Monica; Sukhtankar, Sandip
• 署名单位: University of London; London School Economics & Political Science; Queen Mary University London; Centre for Economic Policy Research - UK; University of British Columbia; University of California System; University of California Davis; University of Cambridge; University of Virginia
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20220822
• 发表日期: 2024
• 页码: 2861-2897
• 关键词: WELFARE CONSEQUENCES; PRICE STABILIZATION; risk-aversion; food; cash; consumption; nutrition; income; redistribution; PRODUCTIVITY

摘要

Households in developing countries often face variation in the prices of consumption goods. We develop a model demonstrating that in-kind transfers will provide insurance benefits against price risk if the covariance between the marginal utility of income and price is positive. Using calorie shortfalls as a proxy for marginal utility, , we find that this condition holds for low-income Indian households. Expansions in India's flagship in-kind food transfer program not only increase caloric intake but also reduce caloric sensitivity to prices. Our results contribute to ongoing debates about the optimal form of social protection programs. ( JEL D12, H53, I18, I38, O12, O15) )