Uncertainty, Insurance, and Social Norms

Partha Dasgupta

in An Inquiry into Well-Being and Destitution

Published in print June 1995 | ISBN: 9780198288350
Published online November 2003 | e-ISBN: 9780191596094 | DOI:
 Uncertainty, Insurance, and Social Norms

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This chapter introduces the factor of environmental uncertainty into the consideration of resource allocation mechanisms. It has seven sections: (1) environmental uncertainty; (2) choice under uncertainty and risk aversion; (3) avoiding disasters; (4) trading in risks: pooling and spreading; (5) correlated risks in agriculture; (6) reciprocity as a social norm in stationary environments; and (7) overlapping generations and the transmission of resources.

Keywords: agriculture; disaster avoidance; generations; overlapping generations; reciprocity; resource allocation; risk; risk aversion; risk trading; uncertainty

Chapter.  13962 words.  Illustrated.

Subjects: Economic Development and Growth

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