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Anne Case provided particularly helpful and insightful comments which eliminated much confusion. I thank especially Richard Wilkinson, whose work and suggestions have inspired much of this work. Although I have tried to construct a model that captures what seems to me to be the spirit of his ideas, I bear sole responsibility for the results. Helpful(More)
We present new evidence on the distribution of the ex ante risk premium based on a multi-year survey of Chief Financial Officers (CFOs) of U.S. corporations. We have responses from surveys conducted from the second quarter of 2000 through the second quarter of 2003. We find evidence that the one-year risk premium is highly variable through time, while the(More)
We describe how episodic illiquidity arises from a breakdown in cooperation between market participants. We first solve a one-period trading game in continuous-time, using an asset pricing equation that accounts for the price impact of trading. Then, in a multi-period framework, we describe an equilibrium in which traders cooperate most of the time through(More)
We examine the impact of a child-health program on adult living standards by following participants in a deworming program in Kenya that began in 1998. The effective tracking rate was 83% over a decade. Treatment individuals received two to three more years of deworming than the comparison group. Self-reported health, years enrolled in school, and test(More)
The RAND unrestricted draft series is intended to transmit preliminary results of RAND research. Unrestricted drafts have not been formally reviewed or edited. The views and conclusions expressed are tentative. A draft should not be cited or quoted without permission of the author, unless the preface grants such permission.
We evaluate the effects of a large nutrition programme in rural Colombia. The intervention we study is a community nursery programme that provides nutrition and child care for the children of poor households. In the first part of the paper, we use an Instrumental Variable approach to estimate the impacts of the programme on children's nutritional status and(More)