G2TT
来源类型Discussion paper
规范类型论文
来源IDDP6679
DP6679 Forced to be Rich? Returns to Compulsory Schooling in Britain
Robert A Hart; Paul J. Devereux
发表日期2008-02-01
出版年2008
语种英语
摘要We develop and estimate a model of dynamic interactions in which commitment is limited and contracts are incomplete to explain the patterns of income and consumption growth in village economies of less developed countries. Households can insure each other through both formal contracts and informal agreements, that is, self-enforcing agreements specifying voluntary transfers. This theoretical setting nests the case of complete markets and the case where only informal agreements are available. We derive a system of non-linear equations for income and consumption growth. A key prediction of our model is that both variables are affected by lagged consumption as a consequence of the interplay of formal and informal contracting possibilities. In a semi-parametric setting, we prove identification, derive testable restrictions and estimate the model with the use of data from Pakistan villages. Empirical results are consistent with the economic arguments. Incentive constraints due to self-enforcement bind with positive probability and formal contracts are used to reduce this probability.
主题Development Economics
关键词Contracts Incomplete markets Informal transfers Risk sharing
URLhttps://cepr.org/publications/dp6679
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/535516
推荐引用方式
GB/T 7714
Robert A Hart,Paul J. Devereux. DP6679 Forced to be Rich? Returns to Compulsory Schooling in Britain. 2008.
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