Vietnam is prone to natural disasters and has incurred a huge loss to property and harvests. This paper ascertains the intermediate impacts of natural disasters on risk aversion. This research utilised a balanced panel dataset to control for household fixed-effects and thus rule out household time-invariant factors. The findings suggest that natural disasters make households more likely to be risk-averse. However, households living in communes that experienced solely one kind of natural disaster or low impact of natural disasters do not change their risk aversion. The loss of household assets is a moderator between natural disasters and risk aversion. In other words, natural disasters cause the loss of assets, this makes households worry about their livelihoods and results in risk aversion. Another finding is the heterogeneous impacts of natural disasters on the risk-averse behaviour of households. These results are robust and applicable to different model specifications and different measures of risk-averse behaviour.

中文翻译：

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自然灾害和风险规避：来自越南的证据

越南易发生自然灾害，财产和收成遭受巨大损失。本文确定了自然灾害对风险规避的中间影响。本研究利用平衡面板数据集来控制家庭固定效应，从而排除家庭时不变因素。研究结果表明，自然灾害使家庭更有可能规避风险。然而，居住在仅遭受一种自然灾害或自然灾害影响较小的公社的家庭并没有改变他们的风险规避。家庭资产的损失是自然灾害和风险规避之间的调节器。换句话说，自然灾害造成资产损失，这使家庭担心生计并导致风险规避。另一个发现是自然灾害对家庭风险规避行为的不同影响。这些结果是稳健的，适用于不同的模型规范和风险规避行为的不同度量。