The hypothesis of full risk sharing can be taken to data from low-income countries and
evaluate formal and informal financial systems. In many contexts, idiosyncratic risks are …

We formulate and solve a range of dynamic models of constrained credit/insurance that
allow for moral hazard and limited commitment. We compare them to full insurance and …

The transactions and production files are used to create measures of the use of currency
and crop inventory as well as changes in real capital assets, livestock, and net indebtedness …

The theory of intertemporal consumption choice makes sharp predictions about the
evolution of the entire distribution of household consumption, not just about its conditional …

This paper uses the information contained in the joint dynamics of households' labor
earnings and consumption-choice decisions to quantify the nature and amount of income …

I study a problem of repeated moral hazard where the effect of effort is persistent over time:
each period's outcome distribution is a function of a geometrically distributed lag of past …

This paper presents an incentive-based theory of the dynamics of the distribution of
consumption in the presence of aggregate shocks. The paper builds on the models …

This paper compares the degree to which a model with endogenous debt constraints versus
a standard incomplete markets model can explain the lack of risk sharing observed in cross …

We apply the set up of limited commitment model to empirically test the role of informal
riskMsharing networks using panel data on informal credit transactions from rural Ethiopia …

In this paper, we consider a dynamic economy in which the agents in the economy are
privately informed about their skills, which evolve stochastically over time in an arbitrary …