LEADER 05916oam 22014294 450 001 9910786486103321 005 20230801225455.0 010 $a1-4755-6547-X 010 $a1-4755-1234-1 035 $a(CKB)2670000000278926 035 $a(EBL)1606898 035 $a(SSID)ssj0000941796 035 $a(PQKBManifestationID)11510026 035 $a(PQKBTitleCode)TC0000941796 035 $a(PQKBWorkID)10964334 035 $a(PQKB)10276042 035 $a(MiAaPQ)EBC1606898 035 $a(Au-PeEL)EBL1606898 035 $a(CaPaEBR)ebr10627147 035 $a(OCoLC)870245006 035 $a(IMF)WPIEE2012195 035 $a(IMF)WPIEA2012195 035 $a(EXLCZ)992670000000278926 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aBarriers to Household Risk Management : $eEvidence from India /$fRobert Townsend, Shawn Cole, Jeremy Tobacman, Xavier Gine, James Vickery, Petia Topalova 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (44 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/12/195 300 $aDescription based upon print version of record. 311 $a1-4755-9368-6 311 $a1-4755-0544-2 320 $aIncludes bibliographical references. 327 $aCover; Abstract; Contents; I. Introduction; II. Insurance Contract Design and Summary Statistics; A. Product Description; B. Summary Statistics; III. Experimental Design; IV. Experimental Results; A. Andhra Pradesh; B. Gujarat: Video Experiments; C. Gujarat: Flyer Experiments; V. Discussion of Experimental Results; A. Price Relative to Actuarial Value; B. Trust; C. Liquidity Constraints; D. Financial Literacy and Education; E. Framing, Salience and Other Behavioral Factors; VI. Non-Experimental Evidence; A. Correlates of Insurance Purchase; B. Self-Reported Explanations for Non-Purchase 327 $aVII. Improving Household Risk Management: Tentative Lessons and ConclusionsReferences; VIII. Appendix 330 3 $aWhy do many households remain exposed to large exogenous sources of non-systematic income risk? We use a series of randomized field experiments in rural India to test the importance of price and non-price factors in the adoption of an innovative rainfall insurance product. Demand is significantly price sensitive, but widespread take-up would not be achieved even if the product offered a payout ratio comparable to U.S. insurance contracts. We present evidence suggesting that lack of trust, liquidity constraints and limited salience are significant non-price frictions that constrain demand. We suggest contract design improvements to mitigate these frictions. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/195 606 $aFinancial risk$zIndia 606 $aRisk management$zIndia 606 $aFinance: General$2imf 606 $aInsurance$2imf 606 $aMacroeconomics$2imf 606 $aIndustries: Financial Services$2imf 606 $aInsurance Companies$2imf 606 $aActuarial Studies$2imf 606 $aField Experiments$2imf 606 $aEconomic Development: Financial Markets$2imf 606 $aSaving and Capital Investment$2imf 606 $aCorporate Finance and Governance$2imf 606 $aPersonal Finance$2imf 606 $aPortfolio Choice$2imf 606 $aInvestment Decisions$2imf 606 $aFinancial Institutions and Services: General$2imf 606 $aEducation: General$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aSaving$2imf 606 $aWealth$2imf 606 $aInsurance & actuarial studies$2imf 606 $aFinance$2imf 606 $aEducation$2imf 606 $aInsurance companies$2imf 606 $aConsumption$2imf 606 $aLiquidity$2imf 606 $aFinancial institutions$2imf 606 $aNational accounts$2imf 606 $aAsset and liability management$2imf 606 $aEconomics$2imf 607 $aUnited States$2imf 615 0$aFinancial risk 615 0$aRisk management 615 7$aFinance: General 615 7$aInsurance 615 7$aMacroeconomics 615 7$aIndustries: Financial Services 615 7$aInsurance Companies 615 7$aActuarial Studies 615 7$aField Experiments 615 7$aEconomic Development: Financial Markets 615 7$aSaving and Capital Investment 615 7$aCorporate Finance and Governance 615 7$aPersonal Finance 615 7$aPortfolio Choice 615 7$aInvestment Decisions 615 7$aFinancial Institutions and Services: General 615 7$aEducation: General 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aMacroeconomics: Consumption 615 7$aSaving 615 7$aWealth 615 7$aInsurance & actuarial studies 615 7$aFinance 615 7$aEducation 615 7$aInsurance companies 615 7$aConsumption 615 7$aLiquidity 615 7$aFinancial institutions 615 7$aNational accounts 615 7$aAsset and liability management 615 7$aEconomics 700 $aTownsend$b Robert$0248120 701 $aCole$b Shawn$01578663 701 $aTobacman$b Jeremy$01578664 701 $aGine$b Xavier$01578665 701 $aVickery$b James$01578666 701 $aTopalova$b Petia$01578667 801 0$bDcWaIMF 906 $aBOOK 912 $a9910786486103321 996 $aBarriers to Household Risk Management$93858248 997 $aUNINA