Testing Efficient Risk Sharing with Heterogeneous Risk Preferences: Comment

• 成果类型: Editorial Material
• 署名作者: Shrinivas, Aditya; Fafchamps, Marcel
• 署名单位: University of Illinois System; University of Illinois Urbana-Champaign; Stanford University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20170413
• 发表日期: 2018
• 页码: 3104-3113
• 关键词: VILLAGE INDIA; insurance; networks; consumption

摘要

Mazzocco and Saini (2012) propose and implement a test of efficient risk sharing that allows for preference heterogeneity. They motivate their approach as yielding different results from those of a standard efficiency test with homogeneous preferences. We show that the standard efficiency test results are misreported in their paper and that the correctly reported results do not present as compelling a case for the importance of accounting for heterogeneous preferences.