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Registros recuperados: 27
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A Personal Touch: Text Messaging for Loan Repayment AgEcon
Morten, Melanie; Karlan, Dean S.; Zinman, Jonathan.
We worked with two microlenders to test impacts of randomly assigned reminders for loan repayments in the “text messaging capital of the world”. We do not find strong evidence that loss versus gain framing or messaging timing matter. Messages only robustly improve repayment when they include the loan officer’s name. This effect holds for clients serviced by the loan officer previously but not for first-time borrowers. Taken together, the results highlight the potential and limits of communications technology for mitigating moral hazard, and suggest that personal obligation/reciprocity between borrowers and bank employees can be harnessed to help overcome market failures.
Tipo: Working Paper Palavras-chave: Microcredit; Microfinance; Randomized evaluation; Development finance; Consumer/Household Economics; Financial Economics; Research and Development/Tech Change/Emerging Technologies; D21; D92; G21; O16; O17.
Ano: 2012 URL: http://purl.umn.edu/121867
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Adaptive Experimental Design Using the Propensity Score AgEcon
Hahn, Jinyong; Hirano, Keisuke; Karlan, Dean S..
Many social experiments are run in multiple waves, or are replications of earlier social experiments. In principle, the sampling design can be modified in later stages or replications to allow for more efficient estimation of causal effects. We consider the design of a two-stage experiment for estimating an average treatment effect, when covariate information is available for experimental subjects. We use data from the first stage to choose a conditional treatment assignment rule for units in the second stage of the experiment. This amounts to choosing the propensity score, the conditional probability of treatment given covariates. We propose to select the propensity score to minimize the asymptotic variance bound for estimating the average treatment...
Tipo: Working or Discussion Paper Palavras-chave: Experimental design; Propensity score; Efficiency bound; Research Methods/ Statistical Methods; C1; C14; C9; C93; C13.
Ano: 2009 URL: http://purl.umn.edu/47107
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Cairo Evaluation Clinic: Thoughts on Randomized Trials for Evaluation of Development AgEcon
Karlan, Dean S..
We were asked to discuss specific methodological approaches to evaluating three hypothetical interventions. This article uses this forum to discuss three misperceptions about randomized trials. First, nobody argues that randomized trials are appropriate in all settings, and for all questions. Everyone agrees that asking the right question is the highest priority. Second, the decision about what to measure and how to measure it, i.e., through qualitative or participatory methods versus quantitative survey or administrative data methods, is independent of the decision about whether to conduct a randomized trial. Third, randomized trials can be used to evaluate complex and dynamic processes, not just simple and static interventions. Evaluators should aim...
Tipo: Working or Discussion Paper Palavras-chave: Program evaluation; Randomized control trial; Agricultural Finance; Community/Rural/Urban Development; Consumer/Household Economics; Financial Economics; Food Consumption/Nutrition/Food Safety; Food Security and Poverty; Institutional and Behavioral Economics; Labor and Human Capital; Public Economics; Research Methods/ Statistical Methods; B41; O12; H43; J08; H54; D73; D12.
Ano: 2009 URL: http://purl.umn.edu/51913
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Commitment Contracts AgEcon
Bryan, Gharad; Karlan, Dean S.; Nelson, Scott.
We review the theoretical and empirical literature on commitment devices. A commitment device is any arrangement, entered into by an individual, with the aim of making it easier to fulfill his or her own future plans. We argue that there is growing empirical evidence supporting the proposition that people demand commitment devices and that these devices can change behavior. We highlight the importance of further research exploring soft commitment – those involving only psychological costs – and the welfare consequences of hard commitments – those involving actual costs – especially in the presence of bounded rationality.
Tipo: Working or Discussion Paper Palavras-chave: Consumer/Household Economics; Institutional and Behavioral Economics; Consumer/Household Economics; Institutional and Behavioral Economics; D03; D14.
Ano: 2009 URL: http://purl.umn.edu/54536
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Deposit Collectors AgEcon
Ashraf, Nava; Karlan, Dean S.; Yin, Wesley.
Informal lending and savings institutions exist around the world, and often include regular door-to-door deposit collection of cash. Some banks have adopted similar services in order to expand access to banking services in areas that lack physical branches. Using a randomized control trial, we investigate determinants of participation in a deposit collection service and evaluate the impact of offering the service for micro-savers of a rural bank in the Philippines. Of 137 individuals offered the service in the treatment group, 38 agreed to sign-up, and 20 regularly used the service. Take-up is predicted by distance to the bank (a measure of transaction costs of depositing without the service) as well as being married (a suggestion that household bargaining...
Tipo: Working or Discussion Paper Palavras-chave: Savings behavior; Microfinance; Field experiment; Savings mobilization; Deposit collector; Financial Economics; D1; D9; G1; G2; O1.
Ano: 2005 URL: http://purl.umn.edu/28502
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Elasticities of Demand for Consumer Credit AgEcon
Karlan, Dean S.; Zinman, Jonathan.
The price elasticity of demand for credit has major implications for macroeconomics, finance, and development. We present estimates of this parameter derived from a randomized trial. The experiment was implemented by a consumer microfinance lender in South Africa and identifies demand curves that, while downward-sloping with respect to price, are flatter than recent estimates in both developing and developed countries throughout most of a wide price range. However, demand becomes highly price sensitive at higher-than-normal rates. We discuss several interpretations of this kink and present some related evidence. We also find that loan size is far more responsive to changes in loan maturity than to changes in interest rate. This pattern is more pronounced...
Tipo: Working or Discussion Paper Palavras-chave: Credit markets; Microfinance; Demand elasticity; Development finance; Maturity elasticity; Consumer credit; Liquidity constraints; Consumer/Household Economics; Demand and Price Analysis; D1; D9; E2; G2; O1.
Ano: 2005 URL: http://purl.umn.edu/28485
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Expanding Credit Access: Using Randomized Supply Decisions to Estimate the Impacts AgEcon
Karlan, Dean S.; Zinman, Jonathan.
Expanding credit access is a key ingredient of development strategies worldwide. Microfinance practitioners, policymakers, and donors have ambitious goals for expanding access, and seek efficient methods for implementing and evaluating expansion. There is less consensus on the role of consumer credit in expansion initiatives. Some microfinance institutions are moving beyond entrepreneurial credit and offering consumer loans. But many practitioners and policymakers are skeptical about “unproductive” lending. These concerns are fueled by academic work highlighting behavioral biases that may induce consumers to over borrow. We estimate the impacts of a consumer credit supply expansion using a field experiment and follow-up data collection. A South African...
Tipo: Working or Discussion Paper Palavras-chave: Financial Economics.
Ano: 2007 URL: http://purl.umn.edu/9279
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Expanding Microenterprise Credit Access: Using Randomized Supply Decisions to Estimate the Impacts in Manila AgEcon
Karlan, Dean S.; Zinman, Jonathan.
Microcredit seeks to promote business growth and improve well-being by expanding access to credit. We use a field experiment and follow-up survey to measure impacts of a credit expansion for microentrepreneurs in Manila. The effects are diffuse, heterogeneous, and surprising. Although there is some evidence that profits increase, the mechanism seems to be that businesses shrink by shedding unproductive workers. Overall, borrowing households substitute away from labor (in both family and outside businesses), and into education. We also find substitution away from formal insurance, along with increases in access to informal risk-sharing mechanisms. Our treatment effects are stronger for groups that are not typically targeted by microlenders: male and...
Tipo: Working or Discussion Paper Palavras-chave: Microfinance; Microcredit; Microentrepreneurship; Risk sharing; Formal and informal finance; Financial Economics; O1; D1; D2 G2.
Ano: 2009 URL: http://purl.umn.edu/52600
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Female Empowerment: Impact of a Commitment Savings Product in the Philippines AgEcon
Karlan, Dean S.; Ashraf, Nava; Yin, Wesley.
Female "empowerment" has increasingly become a policy goal, both as an end to itself and as a means to achieving other development goals. Microfinance in particular has often been argued, but not without controversy, to be a tool for empowering women. Here, using a randomized controlled trial, we examine whether access to an individually-held commitment savings product leads to an increase in female decision-making power within the household. We find positive impacts, particularly for women who have below median decision-making power in the baseline, and we find this leads to a shift towards female-oriented durables goods purchased in the household.
Tipo: Working or Discussion Paper Palavras-chave: Labor and Human Capital.
Ano: 2006 URL: http://purl.umn.edu/28380
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Finding Missing Markets (and a disturbing epilogue): Evidence from an Export Crop Adoption and Marketing Intervention in Kenya AgEcon
Ashraf, Nava; Gine, Xavier; Karlan, Dean S..
In much of the developing world, many farmers grow crops for local or personal consumption despite export options which appear to be more profitable. Thus many conjecture that one or several markets are missing. We report here on a randomized controlled trial conducted by DrumNet in Kenya that attempts to help farmers adopt and market export crops. DrumNet provides smallholder farmers with information about how to switch to export crops, makes in-kind loans for the purchase of the agricultural inputs, and provides marketing services by facilitating the transaction with exporters. The experimental evaluation design randomly assigns pre-existing farmer self-help groups to one of three groups: (1) a treatment group that receives all DrumNet services, (2) a...
Tipo: Working or Discussion Paper Palavras-chave: Field Experiment; Export Crop; Food Safety Standards; Agricultural and Food Policy; O12; Q17; F13.
Ano: 2008 URL: http://purl.umn.edu/46516
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Formando microempresarias: impacto de la capacitación empresarial en las instituciones de microfinanzas y sus socias AgEcon
Karlan, Dean S.; Valdivia, Martin.
Los debates académicos y de políticas acerca de la actividad microempresarial se centran frecuentemente en las restricciones crediticias, asumiendo que los negocios se manejan de manera óptima dadas esas y otras restricciones. Los microempresarios, sin embargo, raramente tienen capacitación formal en gestión empresarial. Por su parte, un número creciente de instituciones de microfinanzas (IMF), en el Perú y el mundo, procura construir el capital humano de estos microempresarios para mejorar sus niveles de vida, contribuyendo a su misión de reducir la pobreza. Con ayuda de un diseño experimental, en este estudio medimos el impacto marginal de agregar un componente de capacitación en gestión empresarial a un programa de servicios financieros que atiende a...
Tipo: Working or Discussion Paper Palavras-chave: Microempresarios; Microfinanzas; Pequeñas empresas; Mujeres; Capacitacion; Small enterprises; Training; Women; Peru; Financial Economics; C93; D12; D13; D21; I21; J24; O12.
Ano: 2010 URL: http://purl.umn.edu/91358
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Getting to the Top of Mind: How Reminders Increase Saving AgEcon
Karlan, Dean S.; McConnell, Margaret; Mullainathan, Sendhil; Zinman, Jonathan.
We develop and test a simple model of limited attention in intertemporal choice. The model posits that individuals fully attend to consumption in all periods but fail to attend to some future lumpy expenditure opportunities. This asymmetry generates some predictions that overlap with models of present-bias. Our model also generates the unique predictions that reminders may increase saving, and that reminders will be more effective when they increase the salience of a specific expenditure. We find support for these predictions in three field experiments that randomly assign reminders to new savings account holders.
Tipo: Working or Discussion Paper Palavras-chave: Intertemporal consumer choice; Savings; Attention; Consumer/Household Economics; Financial Economics; D91; E21.
Ano: 2010 URL: http://purl.umn.edu/92001
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Group versus Individual Liability: A Field Experiment in the Philippines AgEcon
Gine, Xavier; Karlan, Dean S..
Group liability is often portrayed as the key innovation that led to the explosion of the microcredit movement, which started with the Grameen Bank in the 1970s and continues on today with hundreds of institutions around the world. Group lending claims to improve repayment rates and lower transaction costs when lending to the poor by providing incentives for peers to screen, monitor and enforce each other’s loans. However, some argue that group liability creates excessive pressure and discourages good clients from borrowing, jeopardizing both growth and sustainability. Therefore, it remains unclear whether group liability improves the lender’s overall profitability and the poor’s access to financial markets. We worked with a bank in the Philippines to...
Tipo: Working or Discussion Paper Palavras-chave: Financial Economics.
Ano: 2006 URL: http://purl.umn.edu/28413
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Group versus Individual Liability: Long Term Evidence from Philippine Microcredit Lending Groups AgEcon
Gine, Xavier; Karlan, Dean S..
Group liability in microcredit purports to improve repayment rates through peer screening, monitoring, and enforcement. However, it may create excessive pressure, and discourage reliable clients from borrowing. Two randomized trials tested the overall effect, as well as specific mechanisms. The first removed group liability from pre-existing groups and the second randomly assigned villages to either group or individual liability loans. In both, groups still held weekly meetings. We find no increase in default and larger groups after three years in pre-existing areas, and no change in default but fewer groups created after two years in the expansion areas.
Tipo: Working or Discussion Paper Palavras-chave: Microfinance; Group lending; Group liability; Joint liability; Social capital; Microenterprises; Informal economies; Access to finance; Consumer/Household Economics; Financial Economics; Institutional and Behavioral Economics; International Development; C93; D71; D82; D91; G21; O12; O16; O17.
Ano: 2009 URL: http://purl.umn.edu/50951
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Hey Look at Me: The Effect of Giving Circles on Giving AgEcon
Karlan, Dean S.; McConnell, Margaret.
Theories abound for why individuals give to charity. We conduct a field experiment with donors to a Yale University service club to test the impact of a promise of public recognition on giving. Some may claim that they respond to an offer of public recognition not to improve their social standing, but rather to motivate others to give. To tease apart these two theories, we conduct a laboratory experiment with undergraduates, and found no evidence to support the alternative, altruistic motivation. We conclude that charitable gifts increase in response to the promise of public recognition primarily because of individuals' desire to improve their social image.
Tipo: Working Paper Palavras-chave: Prosocial behavior; Experiments; Voluntary contributions; Financial Economics; Public Economics; D64; C90; L30.
Ano: 2012 URL: http://purl.umn.edu/121670
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Household Decision Making and Savings Impacts: Further Evidence from a Commitment Savings Product in the Philippines AgEcon
Ashraf, Nava; Karlan, Dean S.; Yin, Wesley.
Commitment devices for savings could benefit those with self-control as well as familial or spousal control issues. We find evidence to support both motivations. We examine the impact of a commitment savings product in the Philippines on household decision making power and self-perception of savings behavior, as well as actual savings. The product leads to more decision making power in the household for women, and likewise more purchases of female-oriented durable goods. We also find that the product leads women who appear time-inconsistent in a baseline survey to self-report being a disciplined saver in the follow-up survey. For impact on savings balances, we find that the 81% increase in savings after one year did not crowd out savings held outside...
Tipo: Working or Discussion Paper Palavras-chave: Consumer/Household Economics.
Ano: 2006 URL: http://purl.umn.edu/28399
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Looking Beyond the Incumbent: The Effects of Exposing Corruption on Electoral Outcomes AgEcon
Chong, Alberto E.; De La O, Ana; Karlan, Dean S.; Wantchekon, Leonard.
Does information about rampant political corruption increase electoral participation and the support for challenger parties? Democratic theory assumes that offering more information to voters will enhance electoral accountability. However, if there is consistent evidence suggesting that voters punish corrupt incumbents, it is unclear whether this translates into increased support for challengers and higher political participation. We provide experimental evidence that information about copious corruption not only decreases incumbent support in local elections in Mexico, but also decreases voter turnout, challengers' votes, and erodes voters' identifcation with the party of the corrupt incumbent. Our results suggest that while flows of information are...
Tipo: Working Paper Palavras-chave: Corruption; Accountability; Elections; Voting; Information; Institutional and Behavioral Economics; Political Economy; Public Economics; D72; D73; D82; D83.
Ano: 2012 URL: http://purl.umn.edu/121640
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Microfinance Games AgEcon
Gine, Xavier; Jakiela, Pamela; Karlan, Dean S.; Morduch, Jonathan.
Microfinance has been heralded as an effective way to address imperfections in credit markets. From a theoretical perspective, however, the success of microfinance contracts has puzzling elements. In particular, the group-based mechanisms often employed are vulnerable to free-riding and collusion, although they can also reduce moral hazard and improve selection. We created an experimental economics laboratory in a large urban market in Lima, Peru and over seven months conducted eleven different games that allow us to unpack microfinance mechanisms in a systematic way. We find that risk-taking broadly conforms to predicted patterns, but that behavior is safer than optimal. The results help to explain why pioneering microfinance institutions have been moving...
Tipo: Working or Discussion Paper Palavras-chave: Financial Economics.
Ano: 2006 URL: http://purl.umn.edu/28520
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Observing Unobservables: Identifying Information Asymmetries with a Consumer Credit Field Experiment AgEcon
Karlan, Dean S.; Zinman, Jonathan.
Information asymmetries are important in theory but difficult to identify in practice. We estimate the empirical importance of adverse selection and moral hazard in a consumer credit market using a new field experiment methodology. We randomized 58,000 direct mail offers issued by a major South African lender along three dimensions: 1) the initial "offer interest rate" appearing on direct mail solicitations; 2) a "contract interest rate" equal to or less than the offer interest rate and revealed to the over 4,000 borrowers who agreed to the initial offer rate; and 3) a dynamic repayment incentive that extends preferential pricing on future loans to borrowers who remain in good standing. These three randomizations, combined with complete knowledge of the...
Tipo: Working or Discussion Paper Palavras-chave: Information asymmetries; Field experiment; Adverse selection; Moral hazard; Development finance; Credit markets; Microfinance; Financial Economics; C9; D8; G2; G3; O1.
Ano: 2005 URL: http://purl.umn.edu/28482
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Social Connections and Group Banking AgEcon
Karlan, Dean S..
Lending to the poor is expensive due to high screening, monitoring, and enforcement costs. Group lending advocates believe lenders overcome this by harnessing social connections. Using data from FINCA-Peru, I exploit a quasi-random group formation process to find evidence of peers successfully monitoring and enforcing joint-liability loans. Individuals with stronger social connections to their fellow group members (i.e., either living closer or being of a similar culture) have higher repayment and higher savings. Furthermore, I observe direct evidence that relationships deteriorate after default, and that through successful monitoring, individuals know who to punish and who not to punish after default.
Tipo: Working or Discussion Paper Palavras-chave: Microfinance; Group lending; Informal savings; Social capital; Institutional and Behavioral Economics; O12; O16; O17; Z13.
Ano: 2005 URL: http://purl.umn.edu/28522
Registros recuperados: 27
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