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Attitudes toward Flooding Risks in Vietnam: Implications for Insurance

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  • Truong Cong Thanh Nghi

    (Faculty of Development Economics, University of Economics Ho Chi Minh City, 1A Hoang Dieu Street, Phu Nhuan District, Ho Chi Minh City)

Abstract

This study used the experimental method to elicit abstract risk attitudes on and preferences for uncertainties based on the context of flooding in the Mekong Delta, Vietnam. In contrast to the common assumption that farmers are risk averse, our results showed that farmers are, on the average, risk neutral. Moreover, although farmers are ambiguity averse toward Ellsberg-type uncertainty, they are not averse to flooding uncertainty. We also found that farmers systematically underestimate the probability of flooding. The results of the study provide possible explanations for the low take-up of insurance.

Suggested Citation

  • Truong Cong Thanh Nghi, 2016. "Attitudes toward Flooding Risks in Vietnam: Implications for Insurance," EEPSEA Research Report rr2016011, Economy and Environment Program for Southeast Asia (EEPSEA), revised Jan 2016.
    • Handle: RePEc:eep:report:rr2016011
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    File URL: http://www.eepsea.org/pub/rr/2016-RR1Truong.pdf
    File Function: First version, 2016
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    Keywords

    Vietnam; Behavioral Economics and social capital; Mitigation; Behavioral/Experimental Economics;
    All these keywords.

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