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Cash transfer programs, progressively targeted at the poorest, have become a predominant policy for addressing chronic poverty in developing countries. While pioneered by middle-income developing countries (notably Mexico, South Africa, and Brazil), cash transfer programs have spread across the developing world, including the risk-prone pastoral regions of northern Kenya whose economic reality underwrites the analysis in this chapter. 1

Munenobu Ikegami is professor at Hosei University. Michael R. Carter is professor of agricultural and resource economics at the University of California, Davis, and directs the Feed the Future Innovation Lab for Assets and Market Access and the Index Insurance Innovation Initiative (I4). He is a fellow of BREAD (Bureau for Research and Economic Analysis of Development) and the American Agricultural Economics Association and a research associate of the National Bureau …