Investment Behaviour, Risk Sharing and Social Distance
通过在乌干达的实地实验，研究风险分担如何影响投资行为，发现当损失无法分担或利润可与朋友分享时投资更高，指向定向利他和预期互惠的解释。
Using a lab-in-the-field experiment in Uganda we study how risk sharing influences investment behaviour. Depending on the treatment, an investor may decide to share profits with a paired person, and/or the paired person may compensate the investor for investment losses. Following sharing norms in African societies, predicted investment is higher if loss sharing is possible, and/or profit sharing is not possible. Contrary to these predictions, we find that investment is higher when losses may not be shared or when profits may be shared with friends. A combination of directed altruism and expected reciprocity appears most plausible to explain these results.