Informal risk-sharing cooperatives: the effect of learning and other-regarding preferences
Barbet, Victorien; Bourlès, Renaud; Rouchier, Juliette (2020), Informal risk-sharing cooperatives: the effect of learning and other-regarding preferences, Journal of Evolutionary Economics, 30, 2, p. 451–478. 10.1007/s00191-019-00644-9
TypeArticle accepté pour publication ou publié
External document linkhttps://hal-amu.archives-ouvertes.fr/hal-02864652
Journal nameJournal of Evolutionary Economics
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Abstract (EN)We study the dynamics of risk-sharing cooperatives among heterogeneous agents. Based of their knowledge on their risk exposure and the performance of the cooperatives, agents choose whether or not to remain in the risk-sharing agreement. We highlight the key role of other-regarding preference (altruism and inequality aversion) in stabilizing less segregated (and smaller) cooperatives. Limited knowledge and learning of own risk exposure also contributes to reducing segregation, the two effects (of learning and other-regarding preferences) being complementary. Our findings shed light on the mechanisms behind risk-sharing agreements between agents heterogeneous in their risk exposure.
Subjects / Keywordsrisk-sharing; agent-based; cooperative; learning; altruism; other-regarding preferences
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