Consumption insurance against natural disasters: evidence from the Great Hanshin-Awaji (Kobe) earthquake
We investigated whether people were insured against unexpected losses caused by the Great Hanshin-Awaji (Kobe) earthquake in 1995 and found that the full consumption insurance hypothesis was rejected overwhelmingly, suggesting the ineffectiveness of the formal/informal insurance mechanisms against the earthquake.
Volume (Year): 14 (2007)
Issue (Month): 4 ()
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