The paper is based on an individual life-cycle model, which describes the purely economic components of human capital. The present value of human capital is determined by all future income flows, which at the same time constitute the individual as well as the total tax base of a nation....

We empirically investigate how macroeconomic experiences shape individual attitudes towards risk and time in a developing country context with rapid and volatile economic change. To do so, we link a large longitudinal data set from Indonesia, containing repeat measurements of risk aversion and...

Markets for consumer financial services are growing rapidly in low and middle income countries and being transformed by digital technologies and platforms. With growth and change come concerns about protecting consumers from firm exploitation due to imperfect information and contracting as well...

Productive consumption enables the satisfaction of current needs and, at the same time, increases the productive potential of labour. Theoretical as well as empirical evidence suggests that productive consumption is primarily relevant to low-income countries. From the perspective of growth...

Mental health conditions are prevalent but rarely treated in low- and middle-income countries (LMICs). Little is known about how these conditions affect economic participation. This paper shows that treating mental health conditions substantially improves recipients' capacity to work in these...

Mental health conditions are prevalent but rarely treated in low- and middle-income countries (LMICs). Little is known about how these conditions affect economic participation. This paper shows that treating mental health conditions substantially improves recipients' capacity to work in these...

This paper develops a theoretical framework for understanding the mechanism through which foreign aid affects macroeconomic performance. We find that the long-run impact of an aid program and the nature of the transitional dynamics it generates depend crucially on (i) the elasticity of...

Mental health conditions are prevalent but rarely treated in low- and middle-income countries (LMICs). Little is known about how these conditions affect economic participation. This paper shows that treating mental health conditions substantially improves recipients' capacity to work in these...

Labor votes with its feet-individuals migrate from areas of low wages to areas of higher wages. That has been the traditional view, one that has spawned much policy advice to control migration and to affect the location decisions of migrant laborers. But recent research indicates that portfolio...

Taking the family as the rural-to-urban migration decision-making unit, will the “expected-income migration model” accurately predict the level of migration? Consideration of two variables - desire for leisure, and a version to risk - serves to show that the expected-income model yields a...