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Market or clan: A comparative study of risk sharing institutional evolution in China and Europe

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  • Wenge Zhu

Abstract

In the psychological and sociological framework of risk, we establish a static and dynamic equilibrium model for risk‐sharing institutional evolution. Particularly, through a comparative study of marine insurance development in China and Europe, we address a wide set of research questions concerning why China and Europe relied on different social organizations for risk sharing.

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  • Wenge Zhu, 2024. "Market or clan: A comparative study of risk sharing institutional evolution in China and Europe," International Studies of Economics, John Wiley & Sons, vol. 19(2), pages 293-327, June.
    • Handle: RePEc:wly:intsec:v:19:y:2024:i:2:p:293-327
    DOI: 10.1002/ise3.63
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    References listed on IDEAS

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    1. Greif,Avner, 2006. "Institutions and the Path to the Modern Economy," Cambridge Books, Cambridge University Press, number 9780521480444, January.
    2. Lars Peter Hansen & Thomas J Sargent, 2014. "Fragile Beliefs and the Price of Uncertainty," World Scientific Book Chapters, in: UNCERTAINTY WITHIN ECONOMIC MODELS, chapter 9, pages 293-330, World Scientific Publishing Co. Pte. Ltd..
    3. Douglass C. North, 2005. "Introduction to Understanding the Process of Economic Change," Introductory Chapters, in: Understanding the Process of Economic Change, Princeton University Press.
    4. Zhiwu Chen & Chicheng Ma & Andrew J Sinclair, 2022. "Banking on the Confucian Clan: Why China Developed Financial Markets so Late," The Economic Journal, Royal Economic Society, vol. 132(644), pages 1378-1413.
    5. Kingston, Christopher, 2007. "Marine Insurance in Britain and America, 1720–1844: A Comparative Institutional Analysis," The Journal of Economic History, Cambridge University Press, vol. 67(2), pages 379-409, June.
    6. Lars Peter Hansen, 2014. "Nobel Lecture: Uncertainty Outside and Inside Economic Models," Journal of Political Economy, University of Chicago Press, vol. 122(5), pages 945-987.
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