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Vulnerability in a Stochastic Dynamic Model

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Author Info

  • Chris Elbers

    (Free University Amsterdam)

  • Jan Willem Gunning

    (Free University Amsterdam)

Abstract

Most measures of vulnerability are a-theoretic and essentially static. In this paper we use a stochastic Ramsey model to find a household's optimal welfare and we measure vulnerability as the shortfall from the welfare attained if the household consumed permanently at the poverty line. The results indicate that vulnerability is very sensitive to the time horizon considered. We find that the accuracy of existing regression-based vulnerability measures can be greatly improved by including asset measures in the regression.

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File URL: http://128.118.178.162/eps/dev/papers/0409/0409003.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Development and Comp Systems with number 0409003.

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Length: 30 pages
Date of creation: 08 Sep 2004
Date of revision:
Handle: RePEc:wpa:wuwpdc:0409003

Note: Type of Document - pdf; pages: 30
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Web page: http://128.118.178.162

Related research

Keywords: vulnerability; expected poverty; risk; Ramsey model; consumption regressions;

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Cited by:
  1. Alessandro Federici & Pierluigi Montalbano, 2012. "Macroeconomic volatility, consumption behaviour and welfare: A cross-country analysis," Working Paper Series 3612, Department of Economics, University of Sussex.
  2. Md. Shafiul Azam & Katsushi S. Imai, 2012. "Measuring Households' Vulnerability to Idiosyncratic and Covariate Shocks – the case of Bangladesh," Discussion Paper Series DP2012-02, Research Institute for Economics & Business Administration, Kobe University.
  3. Ligon, Ethan, 2010. "Measuring risk by looking at changes in inequality : vulnerability in Ecuador," CUDARE Working Paper Series 1095, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy.
  4. Ligon, Ethan A., 2011. "Dynamics, risk, and vulnerability," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt8kw7k2dz, Department of Agricultural & Resource Economics, UC Berkeley.
  5. Kishtany, Naill & Taffesse, Alemayehu Seyoum, 2004. "Achieving the MDGs – A Note," MPRA Paper 26507, University Library of Munich, Germany.
  6. David Bardey & Samir Kiuhan & Julio César Suárez, 2009. "Seguros de desempleo: revisión de literatura y propuesta para Colombia," DOCUMENTOS DE TRABAJO 005739, UNIVERSIDAD DEL ROSARIO.

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