Essays On Rotating Savings And Credit Associations
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Essays On Rotating Savings And Credit Associations
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Author : Stefan Klonner
language : en
Publisher:
Release Date : 2001
Essays On Rotating Savings And Credit Associations written by Stefan Klonner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Essays On Rotating Savings And Credit Associations
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Author :
language : en
Publisher:
Release Date : 2001
Essays On Rotating Savings And Credit Associations written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Recent theoretical research on rotating savings and credit associations (Roscas) suggests that identical individuals prefer a random to a bidding Rosca when participants save for a lumpy durable or an investment good. Here, in contrast, under the assumption that Rosca funds are used for consumption, that participants are risk averse, and that their incomes are stochastic, independent and privately observed, it is shown that a random Rosca is not advantageous, while a bidding Rosca is so if temporal risk aversion is less pronounced than static risk aversion. The payoff scheme of a bidding Rosca helps to mitigate the problem of information asymmetries. In bidding Roscas, the intertemporal pattern of observed bids depends on impatience and risk aversion in a non-trivial way. In an empirical study, data from 23 rotating savings and credit associations (Roscas) in an agricultural south-Indian village are used for an analysis of Rosca auctions. We develop a simple SIPV Rosca-auction model. We show that, in contrast to standard SIPV English auctions, bidders overbid relative to their maximum willingness to pay in an oral ascending bid Rosca auction and that less aggressive bidding is socially beneficial. Estimating the structural model by maximum likelihood, we find that (i) aggregate features immanent in agricultural production are reflected by Rosca auction outcomes, (ii) bidding in Rosca groups of experienced organisers is less aggressive than in groups of newcomer-organisers, implying that Rosca organisers play a role in how socially beneficial a Rosca is, (iii) bidding in Rosca groups which have run more than one Rosca before tends to be less aggressive, indicating social gains from enduring relationships, (iv) when Rosca funds are used for productive purposes, bidders usually keep their information private, (v) when a bidder has an?emergency? and this information is revealed, bidding is less aggressive indicating co-operation among bidders based on reciprocity.
Essays On Modeling Innovative And Flexible Credit Arrangements The Case Of Rotating Savings And Credit Associations Roscas
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Author :
language : en
Publisher:
Release Date : 1998
Essays On Modeling Innovative And Flexible Credit Arrangements The Case Of Rotating Savings And Credit Associations Roscas written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.
Essays On Informal Banking
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Author : Karna Basu
language : en
Publisher:
Release Date : 2006
Essays On Informal Banking written by Karna Basu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This thesis is a collection of three theoretical essays that examine the role of time-inconsistent preferences in informal banking. The first two chapters focus on specific banking institutions, while the third studies individual welfare more generally. In Chapter 1, I develop a model of rotating savings and credit associations (roscas) where members are quasi-hyperbolic discounters. I show that, in this setting, roscas function as commitment savings devices, and can survive in equilibrium even in the absence of formal contracting or informal social sanctions. In Chapter 2, I study the behavior of quasi-hyperbolic discounters who have access to credit and a non-secure savings technology. I show that these agents might simultaneously save and borrow to create optimal investment incentives for future selves. Chapter 3 evaluates and compares the welfare outcomes for time-inconsistent agents under several banking environments.
Essays On Development Economics Consumers Firms And Financial Institutions
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Author : Zhaoning Wang
language : en
Publisher:
Release Date : 2016
Essays On Development Economics Consumers Firms And Financial Institutions written by Zhaoning Wang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
In the third chapter, I examine the complementarity of formal and informal finance represented respectively by banks and bidding ROSCAs (Rotating Savings and Credit Associations) in India, a critical source of credit for many impoverished individuals, households, and small businesses. Different from some traditional views, my results suggest that formal financial institutions can benefit the informal ones instead of replacing them. Using auction data from ROSCAs and operational data from banks in Andhra Pradesh, India from 1998 to 2000, I find that the emergence of formal finance, measured by nearby bank openings, increases ROSCA participation, reduces the cost of capital for ROSCA participants, and lowers the amount of ROSCA default.
Essays In Economic Theory
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Author : Ning Yu
language : en
Publisher:
Release Date : 2015
Essays In Economic Theory written by Ning Yu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
This dissertation consists of three self-contained essays. The first essay reconciles two seemingly competing explanations of context-dependent choice, one invoking psychological mechanisms, and the other Bayesian learning. We prove that standard context effects are features of the optimal solution to a general dynamic stochastic resource-acquisition problem. The model has two key ingredients: intertemporal substitution and learning about the environment. Interpreted as a description of animal foraging behavior, it explains why context effects might be adaptive in nature. Interpreted as a description of consumer choice problems, it suggests that context effects might result from rational inference. We ran a simple experiment to show that the latter interpretation sometimes holds. The second essay investigates the performance of rotating savings and credit associations (ROSCAs) in investment acceleration and welfare promotion for small-business entrepreneurs. In a model of privately observed investment returns, random ROSCAs improve upon autarky, while bidding ROSCAs can achieve efficiency. By relaxing the assumption of homogeneous agents calculating equilibria, it is shown that an expected-utility maximizer prefers some bidding ROSCAs to random ROSCAs regardless of her belief about others' strategies. Such analysis respects the Wilson doctrine, putting forth a novel framework for comparing mechanisms. The results highlight why more ROSCAs may embrace auction designs as economic development differentiates economic opportunities. The third essay explores the frontier between possibility and impossibility results in social choice theory by analyzing different combinations of "pro-socialness" and "consistency" conditions. This exercise delivers stronger versions of four classical impossibility theorems, and offers a thorough understanding of connections among them. We also characterize social choice functions that are "independent of irrelevant alternatives, " which makes evident that the fundamental difficulty of social choice lies in "pairwise" consistency requirements. We also introduce a concise pedagogical approach to classical impossibility theorems.
A Bibliographical Survey Of Rotating Savings And Credit Associations
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Author : Alaine Low
language : en
Publisher: Oxfam
Release Date : 1995
A Bibliographical Survey Of Rotating Savings And Credit Associations written by Alaine Low and has been published by Oxfam this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business & Economics categories.
In many countries in Africa and Asia, rotating savings and credit associations underpin much of the economy. This survey covers the wide range of literature on these associations. Published with Centre for Cross-Cultural Research on Women.
A Bibliographical Survey Of Rotating Savings And Credit Associations
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Author : Alaine Low
language : en
Publisher:
Release Date : 1995
A Bibliographical Survey Of Rotating Savings And Credit Associations written by Alaine Low and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with categories.
The Influence Of Financial Relations On Sustaining Rural Livelihood In Sudan
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Author : Gihan Adam Abdalla
language : en
Publisher: LIT Verlag Münster
Release Date : 2013
The Influence Of Financial Relations On Sustaining Rural Livelihood In Sudan written by Gihan Adam Abdalla and has been published by LIT Verlag Münster this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Business & Economics categories.
This book started with a vision to portray Sudanese rural livelihood and question whether microfinance is able to sustain rural living. The village of Al Dagag, in the North Kordofan state of Sudan, was chosen to be the research case study. However, further questions arose due to using the inductive methodology of Grounded Theory. Throughout the entire research process, different categories emerged from the data, which conceptualize the perspective of the rural people on livelihood, microfinance, and financial institutions. The path to remodel the livelihood approach led to including new determinants. (Series: Spectrum. Berlin Series on Society, Economy and Policy in Developing Countries / Spektrum. Berliner Reihe zu Gesellschaft, Wirtschaft und Politik in Entwicklungslandern - Vol. 108)
Identity And Networks
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Author : Deborah Fahy Bryceson
language : en
Publisher: Berghahn Books
Release Date : 2007
Identity And Networks written by Deborah Fahy Bryceson and has been published by Berghahn Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Social Science categories.
Contrary to the negative assessments of the social order that have become prevalent in the media since 9/11, this collection of essays focuses on the enormous social creativity being invested as collective identities are reconfigured. It emphasizes on the reformulation of ethnic and gender relationships and identities in public life.