기대효용 접근법에 근거한 도시가구의 빈곤에 대한 취약성 분석

This paper argues that measuring vulnerability to poverty in future time periods is important to cope with poverty. The vulnerability of a household is defined by the difference between the utility at certainty-equivalent consumption and the expected utility of consumption. Based on the utility approach, vulnerability quantifies the risk faced by the household’s uncertain consumption. Our empirical analysis employs 2001~2008 KLIPS data to measure vulnerability and evaluates four components of decomposed vulnerability such as poverty, aggregate risk, idiosyncratic risk and unexplained risk. Our results show that poverty is the largest single component of vulnerability and uncertain consumption still has a significant effect on welfare loss. 16.43% increase in utility is found when poverty is removed and 8.05% increase in utility is found when uncertainty in consumption is removed. Particularly, it is noted that household head's education level is significantly associated with vulnerability. Our conclusion implies that careful attention must be given to combing income-augmenting policies with those that not only reduce aggregate and idiosyncratic risks but also build resilience against them.