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Sources of Risk, Institutions for Survival, and a Game Against Nature in Premodern Iceland

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dc.contributor.author Eggertsson, Thráinn en_US
dc.date.accessioned 2009-07-31T14:30:38Z
dc.date.available 2009-07-31T14:30:38Z
dc.date.issued 1997 en_US
dc.date.submitted 2009-06-11 en_US
dc.date.submitted 2009-06-11 en_US
dc.identifier.uri https://hdl.handle.net/10535/547
dc.description.abstract "Random environmental factors, such as climatic disturbance or disease, often cause large variation in the outputs of poor agrarian communities which operate with low levels of technology. As lives may be at stake, traditional societies have a strong incentive to seek ways to reduce variability over time in their consumption, but high costs of transacting in these communities usually prevent or limit the use of insurance, credit and other intertemporal markets. Recent studies show, however, that traditional societies are able to stabilize their consumption and lower the cost of risk by relying on various non-market institutional arrangements and adjustments in production. Newbery (1989) combines the economics of risk and the information-transaction costs perspective in a lucid survey of the theory of agricultural institutions for insurance and stabilization. Also using the transaction-cost framework, Binswanger and Rosenzweig (1986) lay out a general theory of economic institutions in traditional rural areas; Binswanger and Mclntire(1987) explore the structure of land-abundant tropical agriculture, and Binswanger, McIntire and Undry (1989) analyze institutions in semi-arid African agriculture. Bromley and Chavas (1989)." en_US
dc.subject contracts en_US
dc.subject labor en_US
dc.subject game theory en_US
dc.subject agriculture en_US
dc.subject social organization en_US
dc.subject property rights en_US
dc.subject livestock en_US
dc.subject new institutionalism en_US
dc.subject Workshop en_US
dc.title Sources of Risk, Institutions for Survival, and a Game Against Nature in Premodern Iceland en_US
dc.type Conference Paper en_US
dc.type.published unpublished en_US
dc.coverage.region Europe en_US
dc.subject.sector Social Organization en_US
dc.subject.sector Theory en_US
dc.subject.sector Agriculture en_US
dc.identifier.citationconference The Present and Future of the New Institutional Economics, the First Annual Conference of the International Society for New Institutional Economics en_US
dc.identifier.citationconfdates September 19-21, 1997 en_US
dc.identifier.citationconfloc St. Louis, MO en_US

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