Information Disclosure,Cognitive Biases,and Payday Borrowing

Can psychology‐guided information disclosure induce borrowers to lower their use of high‐cost debt? In a field experiment at payday stores, we find that information that makes people think less narrowly (over time) about finance costs results in less borrowing. In particular, reinforcing the adding‐up dollar fees incurred when rolling over loans reduces the take‐up of future payday loans by 11% in the subsequent 4 months. Although we remain agnostic as to the overall sufficiency of better disclosure policy to “remedy” payday borrowing, we cast the 11% reduction in borrowing in light of the relative low cost of this policy.     

Dairy product consumption in South Korea

The per capita daily consumption of dairy products increased approximately 2450% in South Korea from 1969 to 1987. The purpose of the present study was to determine the frequency with which urban South Koreans consume 10 common dairy products, and to find the socio-economic group most responsible for the increase in dairy product consumption. Data were collected on the dietary patterns and socio-economic backgrounds of 923 women, 880 children and 772 men in urban areas. This study showed that seven of 10 dairy products investigated were consumed evenly by both sexes, all age groups and income levels. However, three recently-introduced products (i.e. cheese, ice cream and butter) were found to be consumed most frequently by young Koreans in the high income level.     

Banking Deregulation and Industry Structure: Evidence from the French Banking Reforms of 1985

We investigate how the deregulation of the French banking industry in the 1980s affected the real behavior of firms and the structure and dynamics of product markets. Following deregulation, banks are less willing to bail out poorly performing firms and firms in the more bank‐dependent sectors are more likely to undertake restructuring activities. At the industry level, we observe an increase in asset and job reallocation, an improvement in allocative efficiency across firms, and a decline in concentration. Overall, these findings support the view that a more efficient banking sector helps foster a Schumpeterian process of “creative destruction.”     

Market Coordination and Social Differentiation: A Comparison of Cotton-Producing Households in Tanzania and Zimbabwe

This paper compares findings from farm surveys conducted in Zimbabwe and Tanzania in 2001. It sets out to answer why some cotton-producing households generate comparatively higher levels of total cotton output, and conversely why some households generate lower output. In the Tanzanian sample, variations in respondents' cotton sales revolve entirely around respondents' access to cropping land and possession of draught power, while observed differences in the Zimbabwean case are based on a combination of ownership-related assets and respondents' access to manufactured inputs. At the same time, the extent of differences in volumes of cotton sales between the top and bottom quintiles is significantly higher in the Tanzanian survey than in the Zimbabwean one. This pattern becomes even more evident when comparing the performance of the bottom quintiles in the two samples. Against this background, the paper suggests that successful forms of market coordination may not only contribute to better 'system performance' but also to fewer differences between cotton-producing households in terms of cotton output and to higher incomes from cotton production.     

Perceptions of the discount retailer: an analysis of consumers' and managers' ideal discount store

Consumers' and managers' perceived images of three discount department stores and a hypothetical ideal discount store were compared in this study. Results indicate that managers and consumers possess significantly different overall impressions of each store. Significant differences were also identified between the ideal amount of each attribute and the amount offered by the retailer.     

Testing Agency Theory with Entrepreneur Effort and Wealth

We develop a principal‐agent model in an entrepreneurial setting and test the model's predictions using unique data on entrepreneurial effort and wealth in privately held firms. Accounting for unobserved firm heterogeneity using instrumental‐variables techniques, we find that entrepreneurial ownership shares increase with outside wealth and decrease with firm risk; effort increases with ownership; and effort increases firm performance. The magnitude of the effects in the cross‐section of firms suggests that agency costs may help explain why entrepreneurs concentrate large fractions of their wealth in firm equity.     

Differential infant and child mortality in three Dutch regions, 1812–19091

New micro‐level data have recently become available for three provinces of The Netherlands for the period 1812–1912, which allow the study of the evolution of socio‐economic differentials in infant and childhood mortality. The authors found significant differences in the levels of infant mortality by social group between the three provinces, and a wide variety in the pattern of social inequality. This showed the importance of the regional environment for the level of infant mortality in the nineteenth century. Contrary to expectations, strong social differences were also observed in neonatal mortality. Being born in an urban environment did not have a strong effect on survival during the first year of birth.     

Clothing for the elderly at home and in nursing homes

Age-related changes and clothing problems of elderly people at home and in nursing homes have been systematically studied in both an objective and a subjective way with medical literature studies, interviews and user studies. There are certain demands which the clothing design must meet in order to fulfil the requirements specified by the functional ability of the ageing individual. The consequences of the age-related changes on the construction of clothing are analysed and some clothing examples described.