A cardinal measure of risk which represents the safety-first criteria is defined. The functional form of that measure is determined for a subgroup of risk-averse agents that do not have money illusion. An empirical illustration of possible applications of that measure shows a method of...

This article investigates whether public investments that led to improvements in road quality and increased access to agricultural extension services led to faster consumption growth and lower rates of poverty in rural Ethiopia. Estimating an Instrumental Variables model using Generalized...

This article investigates whether public investments that led to improvements in road quality and increased access to agricultural extension services led to faster consumption growth and lower rates of poverty in rural Ethiopia. Estimating an Instrumental Variables model using Generalized...