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Multilateral reciprocity in income share agreement programmes: evidence from Rwanda

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  • Jungermann, Klara Elif

Abstract

Income share agreements (ISAs), in which investors fund a student’s education in exchange for a share of future income, offer an accessible option for financing tertiary education in low-income country contexts. Nevertheless, income-based repayments raise concerns about potential opportunism among graduates, such as understating income to minimize education costs. Addressing the need for evidence on the institutional determinants of graduates’ contractual compliance, this study asks: What is the governance structure, composed of formal and informal institutional elements, of an ISA education financing programme in a low-income country context? Based on semi-structured interviews with 26 graduates of a Rwandan ISA programme, it identified a set of shared behavioural norms, which shape graduates’ evaluations of the programme. ISA governance is shown to rely on a coupling of bilateral, formal ISA rules and shared behavioural norms, with multilateral reciprocal norms. Compliance with these norms is promoted through informal enforcement mechanisms.

Suggested Citation

  • Jungermann, Klara Elif, 2026. "Multilateral reciprocity in income share agreement programmes: evidence from Rwanda," Journal of Institutional Economics, Cambridge University Press, vol. 22, pages 1-58, January.
    • Handle: RePEc:cup:jinsec:v:22:y:2026:i::p:e58_58
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