Greif, Avner; Iyigun, Murat; Sasson, Diego - 2011
-level, idiosyncratic risk implies that distinct risk-sharing institutions - even those providing the same level of insurance - can lead to … model incorporating England's and China's distinct pre-modern risk-sharing institutions. The model predicts a transition in … England and not China even with equal levels of risk sharing. Under the clan-based Chinese institution, the relatively risk …
