What is the relationship between entrepreneurial saving practices and reinvestment?  We develop a model of entrepreneurial finance and show that entrepreneurial reinvestment decisions depend on the efficiency of saving practices.  Utilizing a novel micro & small enterprise survey from Tanzania...

Rational demand for hedging products, where there is a risk of contractual nonperformance, is fundamentally different to that for indemnity insurance.  In particular, optimal demand is zero for infinitely risk averse individuals, and is nonmonotonic in risk aversion, wealth and price.  For...

This paper analyses collusion-proof multilateral insurance contracts between a risk neutral insurer and multiple risk averse agents in an environment of asymmetric costly state verification.  Optimal contracts involve the group of agents pooling uncertainty and the insurer acting as reinsurer...

People believe that, even in very large samples, proportions of binary signals might depart significantly from the population mean.  We model this "non-belief in the Law of Large Numbers" by assuming that a person believes that proportions in any given sample might be determined by a rate...

Counselling agencies assist borrowers in financial difficulties by administering repayment plans, the so-called debt management plans (DMPs).  In this paper, we use unique administrative data from a major credit counselling agency in the UK to analyze the determinants of debt repayment...

Previous research has shown little difference in the average leisure time of men and women.  This finding is a challenge to the second shift argument, which suggests that increases in female labor market hours have not been compensated by equal decreases in household labor.  This paper...

The methodology by Lazear and Michael (1988) is used to decompose household expenditures into that for adults and children. Some specific estimation procedures are modified and cross section-time series (panel) data are used to control for household level heterogeneity. In addition, a new and...

This paper proposes a joint model of tobacco consumption and mortality over the life-cycle. The decision to smoke is a trade off between current utility derived from smoking and a mortality risk increasing with age. Individuals with a longer potential life expectancy have more incentive to cut...

Consider a finite data set where each observation consists of a bunde of contingent consumption chosen by an agent from a constraint set of such bundles.  We develop a general procedure for testing the consistency of this data set with a broad class of models of choice under risk and under...

Using detailed time-use data for seven industrialized countries from the 1970s until today we document general decreases in men's market work coupled with increases in men's unpaid work and child care, and increases in women's paid work and child care coupled with decreases in unpaid work.  We...