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An Inquiry into Well-Being and Destitution$
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Partha Dasgupta

Print publication date: 1995

Print ISBN-13: 9780198288350

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198288352.001.0001

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Uncertainty, Insurance, and Social Norms

Uncertainty, Insurance, and Social Norms

Chapter:
(p.189) 8 Uncertainty, Insurance, and Social Norms
Source:
An Inquiry into Well-Being and Destitution
Author(s):

Partha Dasgupta (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0198288352.003.0010

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

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