Panel IV: Case Studies Promising Practices in New Product Development. Savings mobilization: Formalizing ROSCAS in Jamaica
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Hyperbolic discounting and the sustainability of rotational savings arrangements
People across the developing world join rotational savings and credit associations (roscas) to fund repeated purchases of nondivisible goods. When the scope for punishment is weak, there is a natural question about why agents do not defect from these groups. I model a rosca as a commitment savings device for hyperbolic discounters. Roscas are attractive for two reasons: the possibility of getti...
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