We estimate the impact of the Mexican conditional cash transfer program, Progresa, on the time mothers and older sisters spend taking care of children younger than 3. We exploit the random allocation of the program and heterogeneity in household composition for identification, and apply the...

Most of the empirical tests reject the complete markets hypothesis, but have serious methodological problems concerning the identification of preferences, the direction of the tests and their power. We study the risk sharing and consumption insurance achieved by rural households from three...