Elbers, Chris; Gunning, Jan Willem; Kinsey, Bill - Tinbergen Instituut - 2003
-running panel data set for rural households in Zimbabwe. We find that risk substantially reduces growth: in the ergodic distribution … a revival of interest in the effect of risk on economic growth. We quantify both ex ante and ex post effects of risk … the mean (across households) capital stock is 46% lower than in the absence of risk. This is, we believe, the first micro …