The year 2008 witnessed failure of major banks in USA and Europe fueling liquidity crisis and generating unprecedented depression worldwide. Countries across the world applied coordinated remedial efforts such as low interest rate and pumping stimulus money into the economy. The response was...

This paper studies whether increasing the wife's bargaining power results in couples allocating more resources to their child, and, if so, what the underlying mechanisms for this are. We conduct a novel between-subject lab experiment in Tanzania, in which we vary the relative bargaining power...

We study whether and how parents interfere paternalistically in their children's intertemporal decision-making. Based on experiments with over 2,000 members of 610 families, we find that parents anticipate their children's present bias and aim to mitigate it. Using a novel method to measure...

We study whether and how parents interfere paternalistically in their children's intertemporal decision-making. Based on experiments with over 2,000 members of 610 families, we find that parents anticipate their children's present bias and aim to mitigate it. Using a novel method to measure...

This paper analyzes data from a novel field experiment designed to test the impact of twodifferent insurance products and a secret saving device on solidarity in risk-sharing groupsamong rural villagers in the Philippines. Risk is simulated by a lottery. Risk-sharing ispossible in solidarity...

We study whether and how parents interfere paternalistically in their children's intertemporal decision-making. Based on experiments with over 2,000 members of 610 families, we find that parents anticipate their children's present bias and aim to mitigate it. Using a novel method to measure...

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...

Small and informal firms account for a large share of employment in developing countries.The rapid expansion of microfinance services is based on the belief that these firms haveproductive investment opportunities and can enjoy high returns to capital if given theopportunity...

Microfinance has been heralded as an effective way to address imperfections in credit markets. From a theoretical perspective, however, the success of microfinance contracts has puzzling elements. In particular, the group-based mechanisms often employed are vulnerable to free-riding and...

Firms spend billions of dollars each year advertising consumer products in order to influence demand. Much of these outlays are on the creative design of advertising content. Creative content often uses nuances of presentation and framing that have large effects on consumer decision making in...