By Mathias Dewatripont, Lars Peter Hansen, Stephen J. Turnovsky
This is often the 3rd of 3 volumes containing edited types of papers and commentaries provided in invited symposium periods of the 8th international Congress of the Econometric Society. The papers summarize and interpret contemporary key advancements and speak about destiny instructions in quite a lot of issues in economics and econometrics. The papers hide either conception and purposes. Written via major experts of their fields those volumes offer a different survey of development within the self-discipline.
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Extra info for Advances in Economics and Econometrics: Theory and Applications, Eighth World Congress, Volume III (Econometric Society Monographs)
By weakening social protection) and increasing risk aversion hurt the poor in the insurance context but may actually help them get more credit (because it makes it easier for the lender to “punish” them for defaulting). The source of this conﬂict lies in the basic premises of these two narratives: In the insurance market view, the emphasis is on the vulnerability of the poor, that is, on the fact that they cannot afford any losses; in the credit market view, the poor are seen as unreliable because they have too little to lose and therefore cannot be punished for defaulting.
An economy that starts with many poor people will remain both poor and unequal for a very long time. This, however, raises the question of whether, in the end, this model is very different from the model where all the technologies are convex and there is no poverty trap, but the capital markets are extremely inefﬁcient – after all, when capital markets do not work very well, convergence can take a very long time. My view is that it is nevertheless worth distinguishing between these two models because the forms of mobility that they permit are rather different.
Data, ﬁnd signiﬁcant jumps in the return to education at school completion and college completion. Case and Deaton (1999) also report that the relation between wages and years of schooling for black South Africans starts relatively ﬂat and becomes steeper. However, Psacharopoulos (1994) concludes in favor of concavity, on the basis of a range of studies from all over the world, and Duﬂo (2001) ﬁnds an essentially linear relationship on the basis of data from Indonesia. Assessing the relative merits of these studies is beyond the scope of this paper, but it is clear that the deﬁnitive paper on the important issue of nonconvexity in education is yet to be written.
Advances in Economics and Econometrics: Theory and Applications, Eighth World Congress, Volume III (Econometric Society Monographs) by Mathias Dewatripont, Lars Peter Hansen, Stephen J. Turnovsky