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Risk, Implicit Contracts and the Family in Rural Areas of Low-income Countries

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  • Rosenzweig, Mark R

Abstract

Hypotheses concerning the relationship between insurance-based inco me transfers and the membership, size, and composition of households in low-income agricultural environments facing spatially-covariant incom e risks are formulated and tested using longitudinal data from India. T he influence of credit markets and inherited wealth on the ability of households to mitigate income volatility are also assessed and compared to implicit insurance-based familial transfer schemes. The results support hypotheses concerning the ex post consumption smoothing roles of hosuehold structure, and indicate as well the limitations of underdeveloped credit markets in providing income insurance in an agr icultural environment. Copyright 1988 by Royal Economic Society.

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  • Rosenzweig, Mark R, 1988. "Risk, Implicit Contracts and the Family in Rural Areas of Low-income Countries," Economic Journal, Royal Economic Society, vol. 98(393), pages 1148-1170, December.
  • Handle: RePEc:ecj:econjl:v:98:y:1988:i:393:p:1148-70
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    1. Barnum, Howard N. & Squire, Lyn, 1979. "An econometric application of the theory of the farm-household," Journal of Development Economics, Elsevier, vol. 6(1), pages 79-102, February.
    2. Caldwell, John C & Reddy, P H & Caldwell, Pat, 1986. "Periodic High Risk as a Cause of Fertility Decline in a Changing Rural Environment: Survival Strategies in the 1980-1983 South Indian Drought," Economic Development and Cultural Change, University of Chicago Press, vol. 34(4), pages 677-701, July.
    3. Eswaran, Mukesh & Kotwal, Ashok, 1985. "A Theory of Contractual Structure in Agriculture," American Economic Review, American Economic Association, vol. 75(3), pages 352-367, June.
    4. Lucas, Robert E B & Stark, Oded, 1985. "Motivations to Remit: Evidence from Botswana," Journal of Political Economy, University of Chicago Press, vol. 93(5), pages 901-918, October.
    5. Pollak, Robert A, 1985. "A Transaction Cost Approach to Families and Households," Journal of Economic Literature, American Economic Association, vol. 23(2), pages 581-608, June.
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