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来源类型Working Paper
规范类型报告
DOI10.3386/w19738
来源IDWorking 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
URLhttps://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.
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