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Informal insurance in social networks
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Bloch, Francis, Genicot, Garance and Ray, Debraj (2008) Informal insurance in social networks. Journal of Economic Theory, Volume 143 (Number 1). pp. 36-58. doi:10.1016/j.jet.2008.01.008 ISSN 0022-0531.
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Official URL: http://dx.doi.org/10.1016/j.jet.2008.01.008
Abstract
This paper studies bilateral insurance schemes across networks of individuals. While transfers are based on social norms, individuals must have the incentive to comply. We investigate the structure of self-enforcing insurance networks. Network links play two distinct and possibly conflictual roles. They act as conduits for both transfers and information; affecting the scope for insurance and the severity of punishments upon noncompliance. Their interaction leads to a characterization of stable networks as suitably "sparse" networks. Thickly and thinly connected networks tend to be stable, whereas intermediate degrees of connectedness jeopardize stability. Finally. we discuss the effect of discounting on stability. (C) 2008 Elsevier Inc. All rights reserved.
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HC Economic History and Conditions H Social Sciences > HM Sociology |
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| Divisions: | Faculty of Social Sciences > Economics | ||||
| Library of Congress Subject Headings (LCSH): | Social networks, Risk management, Economic assistance, Domestic, Microinsurance, Insurance | ||||
| Journal or Publication Title: | Journal of Economic Theory | ||||
| Publisher: | Academic Press | ||||
| ISSN: | 0022-0531 | ||||
| Official Date: | November 2008 | ||||
| Dates: |
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| Volume: | Volume 143 | ||||
| Number: | Number 1 | ||||
| Number of Pages: | 23 | ||||
| Page Range: | pp. 36-58 | ||||
| DOI: | 10.1016/j.jet.2008.01.008 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Access rights to Published version: | Restricted or Subscription Access | ||||
| Funder: | National Science Foundation (U.S.) (NSF) | ||||
| Grant number: | 0241070 (NSF) |
Data sourced from Thomson Reuters' Web of Knowledge
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