Changing Households’ Investments and Aspirations through Social Interactions : Evidence from a Randomized Transfer Program
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Low aspirations can limit households
investments and contribute to sustained poverty. Vice versa,
increased aspirations can lead to investment and upward
mobility. Yet how aspirations are formed is not always well
understood. This paper analyzes the role of social
interactions in determining aspirations in the context of a
program aimed at increasing households' investments.
The causal effect of social interactions is identified
through the randomized assignment of leaders and other
beneficiaries to three different interventions within each
treatment community. Social interactions are found to affect
households attitudes toward the future and to amplify
program impacts on investments in human capital and
productive activities. The empirical evidence indicates that
communication with motivated and successful nearby leaders
can lead to higher aspirations and corresponding investment behavior.
Palabras clave
AFFILIATED ORGANIZATIONS, ASSET BASE, ATTENDANCE REQUIREMENT, ATTRITION, BANK POLICY, BENEFICIARIES, BENEFICIARY, BEQUEST, CAPITAL INVESTMENT, CAPITAL INVESTMENTS, CASH TRANSFER, CASH TRANSFERS, CHECKS, COGNITIVE DEVELOPMENT, COMMUNITIES, DESCRIPTION, DEVELOPING COUNTRIES, DEVELOPMENT ECONOMICS, DWELLINGS, EARLY CHILDHOOD DEVELOPMENT, ECONOMIC THEORY, ECONOMICS, EDUCATION SPENDING, EDUCATIONAL OUTCOMES, EMPLOYMENT, ENROLLMENT, EQUALITY, EXPENDITURES, FEDERAL RESERVE, FEDERAL RESERVE BANK, FEMALE, FINANCIAL SUPPORT, FREE PRESS, GAME THEORY, HOLDINGS, HOMES, HOUSEHOLD INCOME, HOUSEHOLDS, HOUSES, HOUSING, HUMAN CAPITAL, INCOME LEVEL, INCOME LEVELS, INFORMATION ASYMMETRIES, INTERNATIONAL BANK, INTERVENTION, INTERVENTIONS, INVESTING, INVESTMENT BEHAVIOR, INVESTMENT GRANTS, LABOR MARKET, LEADERSHIP, LEARNING, LIQUIDITY, LIQUIDITY CONSTRAINTS, LIVING STANDARDS, LOCAL ECONOMY, MARKET ACCESS, MENTAL HEALTH, MICROCREDIT, MICROFINANCE, MOBILITY, MOTIVATION, NEIGHBORHOOD, NUMERACY, NUTRITION, POLITICAL ECONOMY, PRICE CHANGES, PRIMARY CAREGIVERS, PRIMARY SCHOOL, PRODUCTIVE CAPITAL, PRODUCTIVE INVESTMENT, PRODUCTIVE INVESTMENTS, PROFITABILITY, REGULAR ATTENDANCE, RETURNS, RETURNS TO EDUCATION, RISK MANAGEMENT, RISK MANAGEMENT STRATEGIES, SAFETY, SAFETY NET, SCHOOL ATTENDANCE, SCHOOLING, SKILLS TRAINING, SOCIAL MOVEMENTS, SOCIAL NETWORKS, SOCIAL SCIENCE, STOCKS, TEACHERS, TRANSACTION, TRANSACTION COSTS, TRANSPARENCY, TRUST FUNDS, VOCATIONAL TRAINING, WAGES