英语翻译Interpersonal relationships have long been suspected of

英语翻译Interpersonal relationships have long been suspected of shaping agrarian institutions,probably becauseweak formal institutions must be supplemented by interpersonal trust.This is particularly true forinformal risk sharing,a fundamental risk coping mechanism for the rural poor (e.g.Mark R.Rosenzweig,1988,Marcel Fafchamps,1992,Stephen Coate and Martin Ravallion,1993,Robert Townsend,1994,Ethan Ligon et al.,2001,Andrew Foster and Mark R.Rosenzweig,2001).In this paper we examine whether risk sharing networks are formed so as to maximize the mutualgains from pooling income risk.The bene…t from risk pooling is largest when households have di¤erentincome pro…les –e.g.,di¤erent occupations –and are subjected to di¤erent sources of risk –e.g.,livefar apart.Gains from risk sharing therefore increase with social and geographical distance.But distancealso raises the cost of interpersonal links.The net e¤ect on link formation is a priori indeterminate.We investigate this issue empirically using survey data from the rural Philippines.Marcel Fafchampsand Susan Lund (2003) have shown that informal gifts and loans serve a risk sharing purpose but followinterpersonal networks.Here we show that occupation is not a major determinant of risk sharing links.In contrast,geographic proximity –possibly correlated with kinship ties –is a strong correlate of risksharing networks.This may be because it facilitates monitoring and enforcement