期刊
AMERICAN ECONOMIC REVIEW
卷 109, 期 2, 页码 523-555出版社
AMER ECONOMIC ASSOC
DOI: 10.1257/aer.20180281
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资金
- Land O' Lakes International Development
- University of Zurich
- ESRC [ES/L011719/1] Funding Source: UKRI
Despite extensive evidence that preferences are often time-inconsistent, there is only scarce evidence of willingness to pay for commitment. Infrequent payments for frequently provided goods and services are a common feature of many markets and they may naturally provide commitment to save for lumpy expenses. Multiple experiments in the Kenyan dairy sector show that: i) farmers are willing to incur sizable costs to receive infrequent payments as a commitment device, ii) poor contract enforcement, however, limits competition among buyers in the supply of infrequent payments. We then present a model of demand and supply of infrequent payments and test its additional predictions.
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