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| Registros recuperados: 27 | |
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| Boucher, Stephen R.; Carter, Michael R.. |
| This paper explores the productivity and income distribution effects of asymmetric information and risk preferences on the credit market. A model of contract design in the presence of moral hazard is developed in which competitive, risk neutral lenders offer contracts to risk averse agents who hold the option to invest capital and labor time in an entrepreneurial activity. The model gives rise to the potential for quantity rationing and an additional form of non-price rationing called risk rationing. Both quantity and risk rationed agents would seek credit and carry out the entrepreneurial activity in a first best, or symmetric information world. When information is asymmetric, the menu of available loan contracts shrinks. In equilibrium, neither type of... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2001 |
URL: http://purl.umn.edu/12675 |
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| Carter, Michael R.; Zimmerman, Frederic. |
| A growing literature suggests that inequality is economically costly. However, much of this literature depends on static analyses, begging the question of why a market system doesn't redress inequality over time if it is efficient to do so. We develop a dynamic model of asset accumulation and endogenous asset-price formation in an agrarian economy with multiple market imperfections. The model is parameterized to pre-revolutionary Nicaragua and solved numerically. The results suggest that although a free land market would eventually lead to an egalitarian land distribution, the process would take long enough, and involve sufficiently great factor-use inefficiencies along the way, that a redistributive policy would improve on the market's performance in both... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Agribusiness. |
| Ano: 1998 |
URL: http://purl.umn.edu/12644 |
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| Carter, Michael R.; May, Julian. |
| The legacy of apartheid had much to do with the extraordinary levels of inequality and human insecurity found by the first ever nationally representative living standards survey undertaken in South Africa in 1993. Drawing on a 1998 re-survey of households in the 1993 study, this paper explores whether this legacy has been superseded, or whether apartheid's end has been only one kind of freedom that has left households in a poverty trap from which they cannot escape. The evidence indicates that significant numbers of South African poor are trapped in chronic, structural poverty, lacking the assets and entitlements needed to successfully escape poverty over time. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Food Security and Poverty. |
| Ano: 1999 |
URL: http://purl.umn.edu/12667 |
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| Mogues, Tewodaj; Carter, Michael R.. |
| This paper explores the idea that how wealth is distributed across social groups (ethnic or language groups, gender, etc.) fundamentally affects the evolution of economic inequality. By providing microfoundations suitable for this exploration, this paper hopes to enhance our understanding of when social forces contribute to the reproduction of economic inequality. In tackling this issue, this paper offers contributions in two domains. First, it models social capital as a real capital asset with direct use and collateral value. Second, it extends the concepts of identity, alienation and polarization used by Esteban and Ray (1994). This generalization permits us to consider the multiple characteristics that shape social identity, inclusion and exclusion. It... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Institutional and Behavioral Economics. |
| Ano: 2004 |
URL: http://purl.umn.edu/12590 |
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| Olinto, Pedro; Carter, Michael R.. |
| The effects of property rights on investment are typically hypothesized to occur through a security-induced investment demand and a collateral-based credit supply. Using a two period model, this paper shows that for farms that are constrained in their access to liquidity, the investment demand effect will itself induce an increase in the endogenous shadow price of liquidity. Other things equal, this induced increase in the price of liquidity will discourage capital accumulation, and that the desired stock of expropriation-immune movable capital may decrease with tenure security. Empirical analysis of farm-level data from Paraguay corroborates this proposition and reveals that the underlying pattern of wealth-biased capital access creates a world in which... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Land Economics/Use. |
| Ano: 2000 |
URL: http://purl.umn.edu/12645 |
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| Carter, Michael R.; Castillo, Marco. |
| This paper experimentally measures the 'social capital' of altruism, trust and reciprocity and empirically explores the impact of these norms on economic well-being. Using an experimental design that distinguishes trust and reciprocity from altruism, data were collected from individuals in a random sample of South African communities. Analyzed at the community level, these data suggest that while related, trust and reciprocity are clearly different from altruism. Moreover, the relatively strong correlation between trust and reciprocity indicates that communities are in a sort of normative equilibrium, with trust strongest where reciprocity norms are most active. Finally, analysis of household living standard data drawn from these same communities shows... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Institutional and Behavioral Economics. |
| Ano: 2002 |
URL: http://purl.umn.edu/12616 |
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| Adato, Michelle; Carter, Michael R.; May, Julian. |
| Social capital has been identified as an important avenue of upward mobility for poorer people. However, recent theoretical work suggests that in highly polarized societies, the accumulation of social capital is likely to be fragmented and ineffective for people at the bottom of the economic pyramid. In South Africa, apartheid-era policies created such deep, socially embedded inequality producing a self-reinforcing circle of social exclusion and persistent poverty as another of apartheid's legacies. Work to date on post-apartheid income distribution-with its demonstration of increasing inequality and poverty-is consistent with this legacy hypothesis. This paper takes this hypothesis further by using a two-pronged approach that draws on quantitative and... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Food Security and Poverty. |
| Ano: 2004 |
URL: http://purl.umn.edu/12679 |
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| Aguero, Jorge M.; Carter, Michael R.; May, Julian. |
| Using a longitudinal survey of South African households over the 1993-2004 period, this paper evaluates changes in income distribution since the end of apartheid. Inequality amongst these households has markedly increased this period as initially better off households consistently improved their economic well-being. Sharp increases in measured poverty over the first half of this period were partially reversed by later improvements for some poor households. Comparisons between actual and "market-generated" income distributions suggest that these improvements were driven in part by government transfer programs. Nonetheless, the chronically poor remain a significant fraction of the total poor, and 60% of those households that were poor in 1993 are still poor... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Food Security and Poverty. |
| Ano: 2006 |
URL: http://purl.umn.edu/12621 |
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| Petrick, Martin; Carter, Michael R.. |
| Agricultural transition in the former Soviet Union has, surprisingly for many observers, not led to a widespread adoption of individual farming. This article attempts to understand some previously neglected forces behind this outcome. It develops a theoretical model of farm restructuring in which managers exploit the preferences of workers for conformity within a social reference group to cement their own power. The model provides a rationale for the persistent support among workers and managers to the status-quo organisation, despite the availability of a more efficient individual farming option. Based on empirical evidence, we argue that managers have an incentive to keep horizons of workers limited by sheltering them from pro-reform influences. Polar... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agricultural transition; Former Soviet Union; Social interaction effects; Farm restructuring.; Farm Management. |
| Ano: 2007 |
URL: http://purl.umn.edu/7788 |
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| Mogues, Tewodaj; Carter, Michael R.. |
| This paper explores the idea that how wealth is distributed across social groups (ethnic or language groups, gender, etc.) fundamentally affects the evolution of economic inequality. By providing microfoundations suitable for this exploration, this paper hopes to enhance our understanding of when social forces contribute to the reproduction of economic inequality, and what the relevant policy implications might be. In tackling this issue, this paper offers contributions in two domains. First, it adds a dimension to the literature on social capital. Second, it offers a modest generalization of the concepts of identity, alienation and economic polarization used by Esteban and Ray (1994). This generalization permits us to consider the multiple characteristics... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Institutional and Behavioral Economics. |
| Ano: 2004 |
URL: http://purl.umn.edu/20132 |
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| Lybbert, Travis J.; Galarza, Francisco B.; McPeak, John G.; Barrett, Christopher B.; Boucher, Stephen R.; Carter, Michael R.; Chantarat, Sommarat; Fadlaoui, Aziz; Mude, Andrew G.. |
| The effective design and implementation of interventions that reduce vulnerability and poverty require a solid understanding of underlying poverty dynamics and associated behavioral responses. Stochastic and dynamic benefit streams can make it difficult for the poor to learn the value of such interventions to them. We explore how dynamic field experiments can help (i) intended beneficiaries to learn and understand these complicated benefit streams, and (ii) researchers to better understand how the poor respond to risk when faced with nonlinear welfare dynamics. We discuss and analyze dynamic risk valuation experiments in Morocco, Peru, and Kenya. |
| Tipo: Journal Article |
Palavras-chave: Poverty; Risk and uncertainty; Dynamics; Experiments; Kenya; Morocco; Peru; International Development; Research Methods/ Statistical Methods; Risk and Uncertainty. |
| Ano: 2010 |
URL: http://purl.umn.edu/90791 |
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| Carter, Michael R.; Maluccio, John A.. |
| South African households live in an environment characterized by risks, and many face a significant probability of experiencing economic losses that threaten their daily subsistence. Using household panel data that include directly solicited information on economic shocks and employing household fixed-effects estimation, we explore how well households cope with shocks by examining the effects of shocks on child nutritional status. Unlike in the idealized village community, some households appear unable to insure against risk, particularly when others in their communities simultaneously suffer large losses. Households in communities with more social capital, however, seem better able to weather shocks. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Health Economics and Policy; Institutional and Behavioral Economics. |
| Ano: 2002 |
URL: http://purl.umn.edu/16401 |
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| Zimmerman, Frederic; Carter, Michael R.. |
| This paper presents a model that endogenizes asset-based risk- coping in an environment of unmediated risk and subsistence constraints. It uses an individually-rational, stochastic dynamic programming model to explore intertemporal portfolio decisions in an environment in which both yield risk and endogenous asses-price risk exist. The results show that agents pursue one the three distinct investment strategies, depending on their initial wealth levels. Agents who are too poor to support subsistence at a sustainable level eventually stock out, driving their asset base to zero. Agents who have more than a certain threshold level of highly productive assets continue to accumulate those assets. Agents who fall somewhere in between, with an intermediate level... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Risk and Uncertainty. |
| Ano: 1996 |
URL: http://purl.umn.edu/12649 |
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| Carter, Michael R.. |
| After developing a conceptual apparatus, this paper econometrically explores the basis and bias of agrarian growth in contemporary Paraguay, a country where increasing land scarcity and rural unrest have occurred in the midst of rapid export growth. By taking apart the microeconomics of the growth boom, the goal is not only to uncover what is happening, but to identify policy options which might modify the outcome. The paper's chief finding is that more broadly based or inclusionary growth not only requires a microeconomic activism which reaches beyond the broad dictates of liberalization, but also attention to the specific temporal sequencing or ordering of these sectoral policies. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Land Economics/Use. |
| Ano: 1994 |
URL: http://purl.umn.edu/12689 |
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| Carter, Michael R.; Little, Peter D.; Mogues, Tewodaj; Negatu, Workneh. |
| Droughts, hurricanes and other environmental shocks punctuate the lives of poor and vulnerable populations in many parts of the world. The direct impacts can be horrific, but what are the longer-term effects of such shocks on households and their livelihoods? Under what circumstances, and for what types of households, will shocks push households into poverty traps from which recovery is not possible? In an effort to answer these questions, this paper analyses the asset dynamics of Ethiopian and Honduran households in the wake of severe environmental shocks. While the patterns are different across countries, both reveal worlds in which the poorest households struggle most with shocks, adopting coping strategies which are costly in terms of both short term... |
| Tipo: Report |
Palavras-chave: Environmental Economics and Policy. |
| Ano: 2006 |
URL: http://purl.umn.edu/55402 |
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| Registros recuperados: 27 | |
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