The role of ROSCAs: lumpy durables or event insurance?
指出，将轮转储蓄与信贷协会（ROSCA）仅视为获取大宗耐用品的工具，忽略了其在发展中国家的重要保险功能，并通过实际竞拍ROSCA案例展示了资金需求的不可预测性。
The stylised representation of ROSCAs in recent theoretical work as a device driven by impatience for lumpy consumer durables misses the important insurance role of this pervasive informal financial institution in the developing world. That insurance role explains why ROSCAs with concurrent bidding are the dominant means of determining the sequence and pricing of allocations. In ROSCAs so structured, the recipient and the implied interest rate for each period's allotment are determined by competitive bids at the time of distribution. We use an example of an actual bidding ROSCA to demonstrate the extent of unpredictable needs for funds, as reflected in the volatility of interest rates implicit in winning bids.