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Intermediate microeconomics : A modern approach
01 Jan 2006-
TL;DR: The Varian approach as mentioned in this paper gives students tools they can use on exams, in the rest of their classes, and in their careers after graduation, and is still the most modern presentation of the subject.
Abstract: This best-selling text is still the most modern presentation of the subject. The Varian approach gives students tools they can use on exams, in the rest of their classes, and in their careers after graduation.
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20 Dec 2010
TL;DR: In this article, the authors identify problems that have hindered the effectiveness of the rural credit market in Ghana and apply the theoretical understanding of rural credit markets and applies the framework to investigate the aspect of the Rural Credit Market in Ghana, which will help to raise household incomes and reduce poverty and contribute to the eradication of extreme poverty.
Abstract: The formal banking sector does not satisfy the growing demand for credit, and many borrowers turn to informal loan sources to meet their production and consumption needs. The problem of the rural credit, which includes supplying credit for a rural community for economic growth, is reemerging on the development agenda as a pressing issue. The rural economy is financially very fragile. Lack of credit is a significant and sometimes binding constraint, limiting investment in productivity-enhancing technology and inputs. Rural credit plays a critical role in household strategies to reduce vulnerability. In spite of the contribution that credit entails to the rural development, it has been one of the crucial factors that have not been given proper attention. The purpose of this paper is to identify problems that have hindered the effectiveness of the rural credit market in Ghana. The paper is premised on the theoretical understanding of rural credit markets and applies the framework to investigate the aspect of the rural credit market in Ghana. Improving the rural credit system will help to raise household incomes and reduce poverty and will contribute to the eradication of extreme poverty. The paper identifies high cost, interest rate, lack of collateral, lack of innovation and high delinquency rates as the main factors that have hindered the effectiveness of the rural credit market in Ghana. This paper will interest policymakers to place more emphasis on savings mobilization and to revisit interest rate policy, while providing cheap and adequate credit to small and poor farmers.
30 citations
Cites background from "Intermediate microeconomics : A mod..."
...The credit market provides opportunities for making intertemporal choices of consumption (Varian, 1990)....
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TL;DR: This paper illustrates how a series of dichotomous choice contingent valuation questions can be used to evaluate substitutability between different alpine peaks and quantify the price responsiveness to an entrance fee.
30 citations
TL;DR: The paper raises the question of how, when and why this characterization of rationality came to be endorsed by mainstream economists, and whether this paradigm of rational behavior in neoclassical economics is of great historiographic importance.
Abstract: Bayesian rationality is the paradigm of rational behavior in neoclassical economics. A rational agent in an economic model is one who maximizes her subjective expected utility and consistently revises her beliefs according to Bayes’s rule. The paper raises the question of how, when and why this characterization of rationality came to be endorsed by mainstream economists. Though no definitive answer is provided, it is argued that the question is of great historiographic importance. The story begins with Abraham Wald’s behaviorist approach to statistics and culminates with Leonard J. Savage’s elaboration of subjective expected utility theory in his 1954 classic The Foundations of Statistics. It is the latter’s acknowledged fiasco to achieve its planned goal, the reinterpretation of traditional inferential techniques along subjectivist and behaviorist lines, which raises the puzzle of how a failed project in statistics could turn into such a tremendous hit in economics. A couple of tentative answers are also offered, involving the role of the consistency requirement in neoclassical analysis and the impact of the postwar transformation of US business schools.
30 citations
TL;DR: In this paper, the authors measured six silver fox males' maximum operant responding for access or proximity to three resources differing in biological significance: food, vixens in oestrus and males.
30 citations