Risk and Return in Village Economies

  title={Risk and Return in Village Economies},
  author={Krislert Samphantharak and Robert M. Townsend},
We present a model for the study of risk and return of household assets in village economies. The model yields similar insights and predictions to those derived from the traditional Capital Asset Pricing Model (CAPM) and the Consumptionbased Asset Pricing Model (CCAPM) in finance literature. We apply our model to the monthly panel data from a household survey in rural Thailand. First, we find that higher exposure to aggregate, non-diversifiable risks, as measured by household beta, or the co… CONTINUE READING


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