Decreasing Relative Risk Aversion, Risk Sharing, and the Permanent Income Hypothesis
提出一种检验风险分担假说与永久收入假说的方法，允许家庭风险偏好存在差异。利用印度村庄家庭非耐用品消费数据，发现村庄层面的证据支持风险分担假说。
This article develops a method for testing the risk-sharing hypothesis (RSH) against various versions of the permanent income hypothesis (PIH) while allowing for heterogeneity in risk preferences across households. Using 1-year and longer differences in household total nondurable consumption data from Indian villages, we find evidence that favors the RSH over the PIH at the village level.