Timothy Worrall

TL;DR: In this paper, a general dynamic model and completely characterisation of efficient informal insurance arrangements constrained by limited commitment is presented, and the model can fully explain the dynamic response of consumption to income, but fails to explain the distribution of consumption across households.

TL;DR: In this article, a general dynamic model and completely characterisation of efficient informal insurance arrangements constrained by limited commitment is presented, and the model is tested using data from three Indian villages and found that the model can fully explain the dynamic response of consumption to income, but that it fails to explain the distribution of consumption across households.

TL;DR: In this paper, the authors examine long-term wage contracts between a risk-neutral firm and a risk averse worker when both can costlessly renege and buy or sell labour at a random spot market wage.

TL;DR: In this paper, a simple repeated principal-agent model with discounting was examined and the first-best (constant consumption) contract tends to the first best contract as the discount factor tends to one and the time horizon extends to infinity.

TL;DR: In this paper, the authors extend previous work on the general underprovision of investment when contracts are incomplete or only partially enforceable to a dynamic context, and show that investment is initially underprovided but it increases over time and for certain parameter values it tends to the efficient level.