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The Prudent Village: A Corroboration of Kimball's Conjecture

Author

Listed:
  • Richardson, G.
Abstract
The prudent peasant mitigated the risk of crop failure by scattering his arable land Throughout his village, McCloskey argued, because formal insurance institutions did not exist. A Village of rational peasants facing idiosyncratic risks, Kimball replied, should have helped each other through hard times. This essay corroborates Kimball's conjecture by providing peasants in medieval England pooled risk through three institutions that fit Kimball's definition of farmers' cooperatives.

Suggested Citation

  • Richardson, G., 1999. "The Prudent Village: A Corroboration of Kimball's Conjecture," Papers 99-00-08, California Irvine - School of Social Sciences.
  • Handle: RePEc:fth:calirv:99-00-08
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    More about this item

    Keywords

    AGRICULTURE ; RISK ; HISTORICAL ANALYSIS;
    All these keywords.

    JEL classification:

    • Q10 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - General
    • Q12 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets
    • N53 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - Europe: Pre-1913

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