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Erlend Berg Department of Economics, University of Bristol, Priory Road Complex, Bristol BS8 1TU, UK Corresponding author: Erlend Berg, Department of Economics, University of Bristol, Priory Road Complex, Bristol BS8 1TU, UK. Telephone: +44 117 331 7911. E-mail: erlend.berg@bristol.ac.uk Search for other works by this author on: Oxford Academic
https://orcid.org/0000-0002-9165-3255 Journal of African Economies, Volume 27, Issue 3, June 2018, Pages 321–346, https://doi.org/10.1093/jae/ejx037
Published:
22 November 2017
Article history
Received:
09 November 2016
Revision received:
05 October 2017
Accepted:
06 November 2017
Published:
22 November 2017
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Erlend Berg, Funeral Insurance: An Inter-Generational Commitment Device?, Journal of African Economies, Volume 27, Issue 3, June 2018, Pages 321–346, https://doi.org/10.1093/jae/ejx037
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Abstract
Funeral insurance is a global phenomenon that has existed throughout history and remains hugely popular in Africa today. Yet as a distinct financial device it has received little attention. The question is why it seems, in many contexts, to be preferred over standard life insurance even though the latter is a more flexible product. This paper presents a simple model in which funeral insurance differs from life insurance in that there is a constraint on how the payout is spent. Funeral insurance can therefore serve as an intergenerational commitment device. The model’s key prediction is consistent with South African household data.
© The Author 2017. Published by Oxford University Press on behalf of the Centre for the Study of African Economies, all rights reserved. For Permissions, please email: journals.permissions@oup.com
This article is published and distributed under the terms of the Oxford University Press, Standard Journals Publication Model (https://academic.oup.com/journals/pages/about_us/legal/notices)
JEL
D14 - Household Saving; Personal Finance D81 - Criteria for Decision-Making under Risk and Uncertainty D91 - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making G22 - Insurance; Insurance Companies; Actuarial Studies O12 - Microeconomic Analyses of Economic Development O16 - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
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