The poor can and do save, but often use formal or informal instruments that have high risk,
high cost, and limited functionality. This could lead to undersaving compared to a world …

This paper reports the results of a field experiment that randomly assigned smallholder cash
crop farmers formal savings accounts. In collaboration with a microfinance institution in …

Most informal finance comes from family and friends. Existing informal finance theories
cannot match two characteristics of family finance: family investors may accept below-market …

We study collective decisions by time-discounting individuals choosing a common
consumption stream. We show that with any heterogeneity in time preferences, every Pareto …

The intersection of research and policy on consumer credit often has a Goldilocks feel.
Some researchers and policy makers posit that consumer credit markets produce too much …

This paper develops and estimates a multiple discrete continuous extreme value model of
household activity generation that jointly predicts the activity participation decisions of all …

We study a dynamic corporate investment problem where decisions have to be made
collectively by a group of agents holding heterogeneous beliefs and adhering to a …

We develop a revealed preference methodology that allows us to explore whether time
inconsistencies in household choice are the product of individual preference …

In this paper, we examine the relative influence of individual decisions on joint household
decisions, and whether and to what extent joint choices are more or less patient than …

When discount factors within the household differ, implementing the ex-ante Pareto efficient
consumption allocation requires the ability to adhere to binding intertemporal contracts. In …