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When expectations become aspirations: reference-dependent preferences and liquidity constraints
This paper introduces a liquidity constraint in reference-dependent models for wealth and intertemporal choice. For people without access to credit, reference-dependence can increase savings, even when it would decrease savings in the absence of a liquidity constraint
Effects of the 2008 flood on economic performance and food security in Yemen
Extreme weather events such as floods and droughts can have devastating consequences for individual well being and economic development, in particular in poor societies with limited availability of coping mechanisms. Combining a dynamic computable…