This paper studies the origins of one of the most basic of property rights, namely, the right of an individual or an organization to the fruits of its labour. My objective is to address the questions of why, when and how this property right can emerge and be made secure. I develop a model of the strategic interaction between two players in the state-of-nature, which is an environment characteri...

The Impact of Education on the Subjective Discount Rate in Ugandan Villages Heterogeneity in time discounting may reinforce the existing barriers to save and invest faced by rural populations in developing countries. We elicit a subjective discount rate for a varied sample of Ugandan villagers. In accordance with other studies, we have found the discount rate to decrease with education. We exam...

Armed Conflict and Schooling: Evidence from the 1994 Rwandan Genocide To examine the impact of Rwanda’s 1994 genocide on children’s schooling, the authors combine two cross-sectional household surveys collected before and after the genocide. The identification strategy uses pre-war data to control for an age group’s baseline schooling and exploits variation across provinces in the intensity of ...

The purpose of this study is to examine the current state and perspectives non-cash payments by using payment cards in Ukraine, Poland, Sweden, Romania Hungary. factors transformation term "non-cash payments" into "payment system" are considered article. Methodology: theoretical practical database bank market as an information base research. In course research general, scientific, empirical met...

The theory of real options is used to incorporate the influence of uncertainty on demographic decision-making. The decision to have children is formulated as an investment using portfolio theory. The timing of the decision to have a child is modelled as a real options decision, with uncertainty affecting a woman’s ability to exercise the doption to waitT in order to delay or space births. An in...

Using data from a field experiment conducted in seventy Colombian municipalities, we investigate who pools risk with whom when risk pooling arrangements are not formally enforced. We explore the roles played by risk attitudes and network connections both theoretically and empirically. We find that pairs of participants who share a bond of friendship or kinship are more likely to (1) join the sa...

There is increased awareness that success among small scale entrepreneurs in developing countries requires more than microfinance, and that an important limiting factor for business growth is the level of human capital among the entrepreneurs. The present paper uses a randomized control trial to evaluate a business training program in Tanzania. Our results show that there is a positive average ...

The drivers of educational attainment have been the subject of much research both in the developed and the developing world. Yet, nothing is known about the effect of birth registration on schooling outcomes. Birth registration is not only a fundamental human right but also a requirement to obtain additional documents of legal identity and access many government benefits. Using data for the Dom...

Much has been written on the determinants of input and technology adoption in agriculture, with issues such as input availability, knowledge and education, risk preferences, profitability, and credit constraints receiving much attention. This paper focuses on a factor that has been less well documented: the differential ability of households to take on risky production technologies for fear of ...

Article history: Received 17 September 2012 Received in revised form 12 September 2013 Accepted 14 September 2013 Available online 26 September 2013 This paper aims at an important gap in the literature, which has not modeled the effect of social learning in a real option context and examined uncertainty-reduction measures through social learning. This paper addresses the gap by modeling social...