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A Simple Model of Herd Behavior
We analyze a sequential decision model in which each decision maker looks at the decisions made by previous decision makers in taking her own decision. This is rational for her because these otherExpand
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Occupational Choice and the Process of Development
This paper models economic development as a process of institutional transformation by focusing on the interplay between agents' occupational decisions and the distribution of wealth. Because ofExpand
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The Diffusion of Microfinance
Introduction How do the network positions of the first individuals in a society to receive information about a new product affect its eventual diffusion? To answer this question, we develop a modelExpand
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The Economic Lives of the Poor
This paper uses survey data from 13 countries to document the economic lives of the poor (those living on less than $2 dollar per day per capita at purchasing power parity) or the extremely poorExpand
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Growth Theory Through the Lens of Development Economics
Growth theory has traditionally assumed the existence of an aggregate production function, whose existence and properties are closely tied to the assumption of optimal resource allocation within eachExpand
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The Miracle of Microfinance? Evidence from a Randomized Evaluation
This paper reports on the first randomized evaluation of the impact of introducing the standard microcredit group-based lending product in a new market. In 2005, half of 104 slums in Hyderabad, IndiaExpand
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Inequality and Growth: What Can the Data Say?
This paper describes the correlations between inequality and the growth rates in cross-country data. Using non-parametric methods, we show that the growth rate is an inverted U-shaped function of netExpand
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Volatility and growth: Credit constraints and the composition of investment
How does uncertainty and credit constraints affect the cyclical composition of investment and thereby volatility and growth? This paper addresses this question within a model where firms engage inExpand
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The Miracle of Microfinance? Evidence from a Randomized Evaluation
Microcredit has spread extremely rapidly since its beginnings in the late 1970s, but whether and how much is helps the poor is the subject of intense debate. This paper reports on the …rst randomizedExpand
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On the Road: Access to Transportation Infrastructure and Economic Growth in China
This paper estimates the effect of access to transportation networks on regional economic outcomes in China over a twenty-period of rapid income growth. It addresses the problem of the endogenousExpand
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