This paper investigates how access to credit might impinge on risk behavior. It demonstrates that credit, by facilitating the pooling of risk across time, renders a risk-averse individual more capable of absorbing risk. Some implications of this result--mainly for developing economies--are then...

Does more inequality lead to more efficiency in the management of common property resources? To answer this question, an attempt is made to develop relevant theoretical models and to articulate them with empirical evidence drawn mainly from social science studies. The paper is divided into two...

Does more inequality lead to more efficiency in the management of common property resources? To answer this question, an attempt is made to develop relevant theoretical models and to articulate them with empirical evidence drawn mainly from social science studies. The paper is divided into two...