Stability in informal insurances: an approach by networks and overlapping coalitions
نویسنده
چکیده
Based on empirical facts, we build a model of informal insurances where risk sharing groups are overlapping homogenous coalitions, originating from networks of historical trust relationships. We derive a general folk theorem under uncertainty and we identify the determinants of the stability of informal insurances. Our results are robust to social norms and provide theoretical explanations for empirical ndings such as the puzzle that rich families in rural economies in developing countries consume less. Our model bridges the two traditional approaches of clubs and bilateral agreements.
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