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Reference: Stefan Dercon, (2007). Fate and Fear: Risk and its Consequences in Africa. GPRG.Citable link to this page:

 

Fate and Fear: Risk and its Consequences in Africa. Series: Working Paper Series

Abstract: We review the evidence on risk and its consequences in Africa. We argue that toomuch attention has been given to the risk management and coping mechanisms usedby households, and not enough on its implications and the scope for interventions.Much of the empirical work on risk in developing countries has also focused largelyon the short-run implications, and has ignored the long-run. Risk and shocks haveimportant long-run implications for growth and poverty, and distinguishing risk fromshocks adds further insights. A few key missing dimensions in the work on risk and itsconsequences in Africa are also explored. First, microeconomic research on risk haslimited itself to work on risks that are ‘easy’ to analyze, such as weather shocks.These risks are still dominating the life of many of the poor, dependent onagricultural production, but these risks are not necessarily central to the growth andpoverty tragedy in Africa: which is driven by the lack of African and foreigninvestment in Africa. In particular, the risks related to poorly functioning markets andeconomic and political institutions have been underresearched by microeconomists,often leaving the initiative to macroeconomic research. A few examples are offeredthat appear to start tackling these questions. Finally, research on risk and itsimplications has to embrace more seriously the experimental and behaviouralliterature. The research frameworks used in most work on risk and its implicationsare based on shaky behavioural foundations, building on the expected utilityframework – but testing these foundations in the environments were risk reallymatters, such as the poorest settings of Africa, has largely been lacking, limiting ourunderstanding of whether they matter.

Bibliographic Details

Issue Date: 2007-02Identifiers

Urn: uuid:f4c4ab9f-72c3-471f-a5df-c6b711ec2933 Item Description

Type: info:eu-repo/semantics/workingPaper;

Language: en

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Autor: Stefan Dercon - - - - Bibliographic Details Issue Date: 2007-02 - Identifiers Urn: uuid:f4c4ab9f-72c3-471f-a5df-c6b711ec2933 - -

Fuente: https://ora.ox.ac.uk/objects/uuid:f4c4ab9f-72c3-471f-a5df-c6b711ec2933



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