Barriers to Household Risk Management: Evidence from India
通过印度农村的随机田野实验，研究价格与非价格因素对降雨保险采纳的影响，发现信任、流动性约束和有限关注是重要非价格摩擦，并提出了改进合同设计的建议。
Why do many households remain exposed to large exogenous sources of non-systematic income risk? We use a series of randomized field experiments in rural India to test the importance of price and non-price factors in the adoption of an innovative rainfall insurance product. Demand is significantly price sensitive, but widespread take-up would not be achieved even if the product offered a payout ratio comparable to U.S. insurance contracts. We present evidence suggesting that lack of trust, liquidity constraints and limited salience are significant non-price frictions that constrain demand. We suggest contract design improvements to mitigate these frictions.