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Research ArticleArticles

Distinguishing barriers to insurance in Thai villages

Cynthia Kinnan
Published online before print February 10, 2021, 0219-10067R1; DOI: https://doi.org/10.3368/jhr.57.1.0219-10067R1
Cynthia Kinnan
†Cynthia Kinnan is an assistant professor of economics at Tufts University, a faculty research fellow of the NBER and an affiliate of J-PAL.
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Abstract

Informal insurance is an important risk-coping mechanism in developing countries, yet this risk sharing is incomplete. Models of limited commitment, moral hazard, and hidden income have been proposed to explain incomplete informal insurance. This paper shows that the way history matters in forecasting consumption can be used to distinguish hidden income from limited commitment and moral hazard. The paper also develops a non-parametric test that is robust to non-classical measurement error and individual-level heterogeneity. In panel data from rural Thailand, limited commitment and moral hazard are rejected. The predictions of the hidden income model are supported by the data.

JEL codes:
  • D82
  • D91
  • O12

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Journal of Human Resources: 60 (3)
Journal of Human Resources
Vol. 60, Issue 3
1 May 2025
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Distinguishing barriers to insurance in Thai villages
Cynthia Kinnan
Journal of Human Resources Feb 2021, 0219-10067R1; DOI: 10.3368/jhr.57.1.0219-10067R1

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Distinguishing barriers to insurance in Thai villages
Cynthia Kinnan
Journal of Human Resources Feb 2021, 0219-10067R1; DOI: 10.3368/jhr.57.1.0219-10067R1
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Keywords

  • D82
  • D91
  • O12
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