| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19738 |
| 来源ID | Working Paper 19738 |
| Risk and Return in Village Economies | |
| Krislert Samphantharak; Robert Townsend | |
| 发表日期 | 2013-12-19 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | This paper provides a theory-based empirical framework for understanding the risk and return on productive capital assets and their allocation across activities in an economy characterized by idiosyncratic and aggregate risk and thin formal markets for real and financial assets. We apply our framework to households running business enterprises in Thai villages with extensive networks, taking advantage of panel data: income, assets, consumption, gifts, and loans. We decompose risk and estimate the risk premia faced by households, distinguishing aggregate risk from idiosyncratic, potentially diversifiable risk. This distinction matters for estimating measures of underlying productivity and has important policy implications. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Portfolio Selection and Asset Pricing ; Industrial Organization ; Firm Behavior ; Development and Growth ; Development |
| URL | https://www.nber.org/papers/w19738 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577412 |
| 推荐引用方式 GB/T 7714 | Krislert Samphantharak,Robert Townsend. Risk and Return in Village Economies. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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