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Time preferences and commitment devices: evidence from ROSCAs and funeral groups in Benin

Author

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  • Jacopo Bonan
  • Philippe LeMay-Boucher
  • Kyle McNabb
  • Charlemagne Codjo Tomavo

Abstract

Drawing on first-hand data collected from a household survey in urban Benin, we examine membership in two types of informal groups that display the characteristics of a commitment device: Rotating Savings and Credit Associations (ROSCAs) and funeral groups. We investigate whether agents displaying time preferences with a present bias are more likely to commit themselves through participation in such groups. Our results provide evidence indicating that women who display such preferences are more likely to join funeral groups, but not ROSCAs, and to save more through them. These results hold for women but not for men. We also ensure that our results cannot be explained by intra-household conflict issues.

Suggested Citation

  • Jacopo Bonan & Philippe LeMay-Boucher & Kyle McNabb & Charlemagne Codjo Tomavo, 2019. "Time preferences and commitment devices: evidence from ROSCAs and funeral groups in Benin," Oxford Development Studies, Taylor & Francis Journals, vol. 47(3), pages 356-372, July.
    • Handle: RePEc:taf:oxdevs:v:47:y:2019:i:3:p:356-372
    DOI: 10.1080/13600818.2019.1588958
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    Citations

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    Cited by:

    1. Hartarto, Romi Bhakti & LeMay-Boucher, Philippe, 2024. "Impacts of Conditionality on Consumption: Evidence from the Family Hope Program in Indonesia," Accountancy, Economics, and Finance Working Papers 2024-03, Heriot-Watt University, Department of Accountancy, Economics, and Finance.
    2. Bonan, Jacopo & LeMay-Boucher, Philippe & Scott, Douglas, 2022. "Can hypothetical measures of time preference predict actual and incentivised behaviour? Evidence from Senegal," World Development, Elsevier, vol. 159(C).
    3. d'Adda, Giovanna & Mahmud, Mahreen & Said, Farah & Bonan, Jacopo, 2020. "The Role of Flexibility and Planning in Repayment Discipline: Evidence from a Field Experiment on Pay-as-You-Go Off-Grid Electricity," RFF Working Paper Series 20-14, Resources for the Future.
    4. Maitra, Pushkar & Miller, Ray & Sedai, Ashish, 2023. "Household welfare effects of ROSCAs," World Development, Elsevier, vol. 169(C).
    5. Pushkar Maitra & Ray Miller & Ashish Sedai, 2022. "Household Welfare Effects of ROSCAs," Monash Economics Working Papers 2022-14, Monash University, Department of Economics.

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