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23 āļ•āļļāļĨāļēāļ„āļĄ 2565
20221666483200000
No. 191

Income Interdependence and Informal Risk Sharing Under the Shadow of the Future

āļ›āđˆāļēāļ™ āļˆāļīāļ™āļ”āļēāļžāļĨāļžāļąāļŠāļĢāļŠāļļāļ—āļ˜āļīāđŒ āļŠāļļāļˆāļĢāļīāļ•āļ•āļēāļ™āļ™āļ—āđŒāļ­āļˆāļĨāļ§āļĢāļĢāļ˜āļāđŒ āļ§āļīāļĢāļīāļĒāļ°āļ§āļīāļ āļēāļ•

Abstract

We propose a framework to analyze the effects of income interdependence between two players on risk sharing without commitment. In theory, the likelihood that an informal risksharing agreement is self-enforcing decreases with income correlation. We tested this prediction in the laboratory with negative, zero, and positive correlation coefficients and observed the largest average transfer in the positive-correlation treatment. This surprising result suggests that experiencing the same state of income could create a social bond and induce altruism between the two players. Therefore, informal risk sharing can be successful in a group with social identity despite high income correlation.

āļ›āđˆāļēāļ™ āļˆāļīāļ™āļ”āļēāļžāļĨ
āļ›āđˆāļēāļ™ āļˆāļīāļ™āļ”āļēāļžāļĨ
University of Alabama
āļžāļąāļŠāļĢāļŠāļļāļ—āļ˜āļīāđŒ āļŠāļļāļˆāļĢāļīāļ•āļ•āļēāļ™āļ™āļ—āđŒ
āļžāļąāļŠāļĢāļŠāļļāļ—āļ˜āļīāđŒ āļŠāļļāļˆāļĢāļīāļ•āļ•āļēāļ™āļ™āļ—āđŒ
Cramton Associates
āļ­āļˆāļĨāļ§āļĢāļĢāļ˜āļāđŒ āļ§āļīāļĢāļīāļĒāļ°āļ§āļīāļ āļēāļ•
āļ­āļˆāļĨāļ§āļĢāļĢāļ˜āļāđŒ āļ§āļīāļĢāļīāļĒāļ°āļ§āļīāļ āļēāļ•
āļˆāļļāļŽāļēāļĨāļ‡āļāļĢāļ“āđŒāļĄāļŦāļēāļ§āļīāļ—āļĒāļēāļĨāļąāļĒ
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JEL: D81C91C73O17
Tags: risk sharingincome correlationinfinite horizon gamesincome smoothingaltruismeconomic experiments
āļ‚āđ‰āļ­āļ„āļīāļ”āđ€āļŦāđ‡āļ™āļ—āļĩāđˆāļ›āļĢāļēāļāļāđƒāļ™āļšāļ—āļ„āļ§āļēāļĄāļ™āļĩāđ‰āđ€āļ›āđ‡āļ™āļ„āļ§āļēāļĄāđ€āļŦāđ‡āļ™āļ‚āļ­āļ‡āļœāļđāđ‰āđ€āļ‚āļĩāļĒāļ™ āļ‹āļķāđˆāļ‡āđ„āļĄāđˆāļˆāļģāđ€āļ›āđ‡āļ™āļ•āđ‰āļ­āļ‡āļŠāļ­āļ”āļ„āļĨāđ‰āļ­āļ‡āļāļąāļšāļ„āļ§āļēāļĄāđ€āļŦāđ‡āļ™āļ‚āļ­āļ‡āļŠāļ–āļēāļšāļąāļ™āļ§āļīāļˆāļąāļĒāđ€āļĻāļĢāļĐāļāļāļīāļˆāļ›āđ‹āļ§āļĒ āļ­āļķāđŠāļ‡āļ āļēāļāļĢāļ“āđŒ
āļ›āđˆāļēāļ™ āļˆāļīāļ™āļ”āļēāļžāļĨ
āļ›āđˆāļēāļ™ āļˆāļīāļ™āļ”āļēāļžāļĨ
University of Alabama
āļžāļąāļŠāļĢāļŠāļļāļ—āļ˜āļīāđŒ āļŠāļļāļˆāļĢāļīāļ•āļ•āļēāļ™āļ™āļ—āđŒ
āļžāļąāļŠāļĢāļŠāļļāļ—āļ˜āļīāđŒ āļŠāļļāļˆāļĢāļīāļ•āļ•āļēāļ™āļ™āļ—āđŒ
Cramton Associates
āļ­āļˆāļĨāļ§āļĢāļĢāļ˜āļāđŒ āļ§āļīāļĢāļīāļĒāļ°āļ§āļīāļ āļēāļ•
āļ­āļˆāļĨāļ§āļĢāļĢāļ˜āļāđŒ āļ§āļīāļĢāļīāļĒāļ°āļ§āļīāļ āļēāļ•
āļˆāļļāļŽāļēāļĨāļ‡āļāļĢāļ“āđŒāļĄāļŦāļēāļ§āļīāļ—āļĒāļēāļĨāļąāļĒ

āļŠāļ–āļēāļšāļąāļ™āļ§āļīāļˆāļąāļĒāđ€āļĻāļĢāļĐāļāļāļīāļˆāļ›āđ‹āļ§āļĒ āļ­āļķāđŠāļ‡āļ āļēāļāļĢāļ“āđŒ

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āđ€āļ­āļāļŠāļēāļĢāđ€āļœāļĒāđāļžāļĢāđˆāļ—āļļāļāļŠāļīāđ‰āļ™āļŠāļ‡āļ§āļ™āļŠāļīāļ—āļ˜āļīāđŒāļ āļēāļĒāđƒāļ•āđ‰āļŠāļąāļāļāļēāļ­āļ™āļļāļāļēāļ• Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported license

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