Rotating savings and credit associations when participants are risk averse

International Economic Review

Volumn 44, Issue 3, 2003, Pages 979-1005

  Klonner, Stefan ^a,b  

^a YALE UNIVERSITY   (United States)

^b UNIVERSITY OF HEIDELBERG   (Germany)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0043026854     PISSN: 00206598     EISSN: None     Source Type: Journal    
DOI: 10.1111/1468-2354.t01-1-00097     Document Type: Article

References (30)

1. ADAMS, D. W., AND M. L. CANAVESI DE SAHONERO, "Rotating Savings and Credit Associations in Bolivia," Savings and Development 13 (1989), 219-35.
2. ANDERSON, S., AND J. M. BALLAND, "The Economics of Roscas and Intra-household Resource Allocation," Quarterly Journal of Economics 117 (2002), 363-95.
3. BESLEY, T., S. COATE, AND G. LOURY, "The Economics of Rotating Savings and Credit Associations," American Economic Review 83 (1993), 792-810.
4. _, _, AND _, "Rotating Savings and Credit Associations, Credit Markets and Efficiency," Review of Economic Studies 61 (1994), 701-20.
5. BOUMAN, F. J. A., "The Rosca: Financial Technology of an Informal Savings and Credit Institution in Developing Economies," Savings and Development 4 (1979), 253-76.
6. CALOMIRIS, C. W., AND I. RAJARAMAN, "The Role of ROSCAs: Lumpy Durables or Event Insurance?" Journal of Development Economics 56 (1998), 207-16.
7. CAMPBELL, C. D., AND C. S. AHN, "Kyes and Mujins, Financial Intermediaries in South Korea," Economic Development and Cultural Change 11 (1962), 55-68.
8. COATE, S., AND M. RAVALLION, "Reciprocity without Commitment: Characterization and Performance of Informal Insurance Arrangements," Journal of Development Economics 20 (1993), 1-24.
9. CRAMTON, P., R. GIBBONS, AND P. KLEMPERER, "Dissolving a Partnership Efficiently," Econometrica 55 (1987), 615-32.
10. ENGELBRECHT-WIGGANS, R., "Auctions with Price-Proportional Benefits to Bidders," Games and Economic Behavior 6 (1994), 339-46.
11. EPSTEIN, G. E., AND S. E. ZIN, "Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: An Empirical Analysis," Journal of Political Economy 99 (1991), 263-86.
12. GEERTZ, C., "The Rotating Credit Association: A Middle Rung in Development," Economic Development and Cultural Change 10 (1962), 241-63.
13. GUGERTY, M. K., "You Can't Save Alone: Testing Theories of Rotating Savings and Credit Associations," Mimeo, Kennedy School of Government, Harvard University, 2000.
14. GÜTH, W., AND E. VAN DAMME, "A Comparison of Pricing Rules for Auctions and Fair Division Games," Social Choice and Welfare 3 (1986), 177-98.
15. HANDA, S., AND C. KIRTON, "The Economics of Rotating Savings and Credit Associations: Evidence from the Jamaican 'Partner'," Journal of Development Economics 60 (1999), 173-94.
16. INGERSOLL, J. E., Theory of Financial Decision Making (Savage. MA: Rowman & Littlefield, 1987).
17. KLONNER, S., "How Roscas Perform as Insurance," Mimeo, Südasien Institut, Universität Heidelberg, 2000.
18. _, "Buying Fields and Marrying Daughters: An Empirical Study of Rosca Auctions in a South Indian Village," Mimeo, Südasien Institut, Universität Heidelberg, 2002.
19. KOVSTED, J., AND P. LYK-JENSEN, "Rotating Savings and Credit Associations: The Choice between Random and Bidding Allocation of Funds," Journal of Development Economics 60 (1999), 143-72.
20. KUO, P.-S., "Loans, Bidding Strategies and Equilibrium in the Discount Bid Rotating Credit Association," Academia Economic Papers 21 (1993), 261-303.
21. LEVENSON, A. R., AND T. BESLEY, "The Anatomy of an Informal Financial Market: Rosca Participation in Taiwan," Journal of Development Economics 51 (1996), 45-68.
22. MATTHEWS, S. A., "A Technical Primer on Auction Theory," Mimeo, Northwestern University, 1990.
23. MCAFEE, R. P., AND J. MCMILLAN, "Bidding Rings," American Economic Review 82 (1992). 579-99.
24. NAYAR, C. P. S., Chit Finance (Bombay: Vora and Co., 1983).
25. RICHARD, S. F., "Multivariate Risk Aversion. Utility Independence and Separable Utility Functions," Management Science 22 (1975), 12-21.
26. RONN, E. I., "Nonadditive Preferences and the Marginal Propensity to Consume," American Economic Review 78 (1988), 216-23.
27. SINGH, N., "Theories of Sharecropping," in P. Bardhan, ed., The Economic Theory of Agrarian Institutions (New York: Oxford University Press, 1989).
28. THOMAS, D., "The Distribution of Income and Expenditure within the Household." Annales d'Économie et de Statistique 29 (1993), 109-36.
29. TOWNSEND, R. M., "Risk and Insurance in Village India," Econometrica 62 (1994), 539-91.
30. WANG, C., "Dynamic Insurance with Private Information and Balanced Budgets," Review of Economic Studies 62 (1995), 577-95.