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Heterogeneous Wealth Dynamics: On the Roles of Risk and Ability / Paulo Santos, Christopher B. Barrett.
- Format:
- Book
- Author/Creator:
- Santos, Paulo.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w22626.
- NBER working paper series no. w22626
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Heterogeneous Wealth Dynamics
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2016.
- Summary:
- This paper studies the causal mechanisms behind persistent poverty. Using original data on Boran pastoralists of southern Ethiopia, we find that heterogeneous and nonlinear wealth dynamics arise purely in adverse states of nature. In favorable states, expected herd grow is quasi-linear and universal. We further show that those with lower herding ability, as reflected in past herd growth data, converge to a unique equilibrium at a small herd size while those with higher ability exhibit multiple stable dynamic wealth equilibria.
- Notes:
- Print version record
- September 2016.
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