Barriers to household risk management / Shawn Cole [and others].

Contributor(s):

Material type: Text

TextSeries: IMF working paper (Online) ; WP/12/195.Publication details: Washington : International Monetary Fund, 2012.Description: 1 online resource (44 pages)Content type:

text

Media type:

computer

Carrier type:

online resource

ISBN:

9781475512342
1475512341
1475593686
9781475593686

Subject(s): Genre/Form:

Additional physical formats: Print version:: Barriers to Household Risk Management: Evidence from India.DDC classification:

658.15/5 23

LOC classification:

HD61

Online resources:

Click here to access online

Contents:

Cover; Abstract; Contents; I. Introduction; II. Insurance Contract Design and Summary Statistics; A. Product Description; B. Summary Statistics; III. Experimental Design; IV. Experimental Results; A. Andhra Pradesh; B. Gujarat: Video Experiments; C. Gujarat: Flyer Experiments; V. Discussion of Experimental Results; A. Price Relative to Actuarial Value; B. Trust; C. Liquidity Constraints; D. Financial Literacy and Education; E. Framing, Salience and Other Behavioral Factors; VI. Non-Experimental Evidence; A. Correlates of Insurance Purchase; B. Self-Reported Explanations for Non-Purchase.

VII. Improving Household Risk Management: Tentative Lessons and ConclusionsReferences; VIII. Appendix.

Summary: Why do many households remain exposed to large exogenous sources of non-systematic income risk? We use a series of randomized field experiments in rural India to test the importance of price and non-price factors in the adoption of an innovative rainfall insurance product. Demand is significantly price sensitive, but widespread take-up would not be achieved even if the product offered a payout ratio comparable to U.S. insurance contracts. We present evidence suggesting that lack of trust, liquidity constraints and limited salience are significant non-price frictions that constrain demand. We s.

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Print version record.

VII. Improving Household Risk Management: Tentative Lessons and ConclusionsReferences; VIII. Appendix.

Why do many households remain exposed to large exogenous sources of non-systematic income risk? We use a series of randomized field experiments in rural India to test the importance of price and non-price factors in the adoption of an innovative rainfall insurance product. Demand is significantly price sensitive, but widespread take-up would not be achieved even if the product offered a payout ratio comparable to U.S. insurance contracts. We present evidence suggesting that lack of trust, liquidity constraints and limited salience are significant non-price frictions that constrain demand. We s.

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