Sawada, Yasuyuki; Nakata, Hiroyuki; Kotera, Tomoaki - 2011
extended version of the consumption risk-sharing hypothesis. The test explicitly incorporates self-production and uses natural … disasters such as avian influenza, droughts, and floods to identify the effectiveness of market and non-market risk …-sharing mechanisms. With these additional treatments, full risk sharing cannot be rejected, which suggests the presence of omitted …