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Expansion and welfare in microfinance: a screening model
(Economic Modelling, 2016-02)
The expansion of microfinance has triggered concerns of rising indebtedness, and higher default and interest rates. Using a screening model, we show that even if interest and default rates increase due to expansion, borrower ...
An evolutionary analysis of growth and fluctuations with negative externalities
(Springer International Publishing, 2018)
We present an evolutionary game theoretic model of growth and fluctuations with negative externalities. Agents in a population choose the level of input. Total output is a function of aggregate input and a productivity ...
Absence of economic and social constants
(Springer, 2016)
In this article, we discuss the possibility of economics as a
discipline emulating the success of hard sciences. In our view, a fundamental obstacle arises from the fact that economics does not have
(m)any stable and ...
Productivity dispersion and output fluctuations: an evolutionary model
(Elsevier B.V., 2017)
We develop a model of technology choice with search costs. Innovators develop technology of varying quality or productivity. Firms acquire technology after paying a search cost to find high productivity technology. The ...
Risk diversification through multiple group membership in microfinance
(Applied Economics Letters, 2014)
We consider group formation in the joint liability setting in microfinance. Joint liability imposes additional liability of having to repay for group partners should they fail to repay. Multiple group membership allows ...