We use a multiyear multiarm randomized controlled trial implemented among 1053 smallholders in Kenya to evaluate ex-ante investment and ex-post productivity and welfare benefits of risk-contingent credit (RCC), comparing it with traditional credit (TC). We rely on local average treatment effects...

It is widely recognized that local management of common pool resources can be more efficient and more effective than private markets or top-down government management, especially in remote rural communities in which the institutions necessary for the enforcement of centrally-imposed regulations...

Researchers and policymakers have long understood the benefits of crop insurance but have been consistently disappointed by the poor performance of these programs. Rarely have programs seen sizeable take-up rates without support through large government subsidies, and in many countries, demand...