[...]We address several questions in this paper. First,how could macro markets be useful to the average person?Second, how large are the potential benefits from diversificationif these markets were to be introduced andused optimally? Third, can existing financial marketsachieve a similar degree...

[...]In this paper, I examine two methods of measuringthe value of better schools. One involves following individualsover time to determine how the quality of theirschooling affects outcomes later in their lives; the otherinvolves calculating parental valuation of better schoolstoday. I review...

This paper documents the convergence of incomes across Indian states over theperiod 1965 to 1998. It departs from traditional analyses of convergence by trackingthe evolution of the entire income distribution, instead of standard regression and timeseries analyses. The findings reveal twin-peaks...

Our report sets out a framework for delivering new and renovatedhousing in an integrated and sustainable way. Volume one presentsour framework; volume two explores the six elements of theframework in more detail; and volume three brings togethersupporting documentation gathered during the...

Europe is a continent of cities with a remarkable history of cultural inspiration, wealth creation, social and politicaldynamism. But in the late-20th century, many former industrial cities entered a period of steep decline, losingmost of their manufacturing jobs and many of their economic...

Few micro…nance-funded businesses grow beyond subsistence entrepreneur-ship. This paper considers one possible explanation: that the structure ofexisting micro…nance contracts may discourage risky but high-expected returninvestments. To explore this possibility, I develop a theory that uni…es...

Buyer-Seller networks are pervasive in developing economies yet remain relatively under-studied. Using primary data on contracts between the largest tractor assembler in Pakistanand its suppliers we …find large variations in prices and quantities across suppliers of the sameproduct....

We show that the effect of eviction threats on unobservable investment effort can be positive. Wedemonstrate this apparently counter-intuitive result in a model of tenancy where investment by atenant in the current period raises the chances of doing well in the next period, and...