Testing for Rationality with Consumption Data: Demographics and Heterogeneity

In this paper, we introduce a new measure of how close a set of choices are to satisfying the observable implications of rational choice, and apply it to a large balanced panel of household level consumption data. We use this method to answer three related questions: (i) "How close are individual consumption choices to satisfying the model of utility maximization?" (ii) "Are there di¤erences in rationality between di¤erent demographic groups?" (iii) "Can choices be aggregated across individuals under the assumption of homogeneous preferences?" Crucially, in answering these questions, we take into account the power of budget sets faced by each household to expose failures of rationality. To summarize our results we ?nd that: (i) while observed violations of rationality are small in absolute terms, our households are only moderately more rational than the benchmark of random choice; (ii) there are signi?cant di¤erences in the rationality of di¤erent groups, with multi-head households more rational than single head households, and the youngest households more rational than middle age households; (iii) the assumption of homogenous preferences is strongly rejected: choice data that is aggregated across households exhibits high levels of irrationality.#

Teaching Entrepreneurship: Impact of Business Training on Microfinance Clients and Institutions

Can one teach basic entrepreneurship skills, or are they fixed personal characteristics? Most academic and development policy discussions about microentrepreneurs focus on their access to credit, and assume their human capital to be fixed. The self-employed poor rarely have any formal training in business skills. However, a growing number of microfinance organizations are attempting to build the human capital of micro-entrepreneurs in order to improve the livelihood of their clients and help further their mission of poverty alleviation. Using a randomized control trial, we measure the marginal impact of adding business training to a Peruvian group lending program for female microentrepreneurs. Treatment groups received thirty to sixty minute entrepreneurship training sessions during their normal weekly or monthly banking meeting over a period of one to two years. Control groups remained as they were before, meeting at the same frequency but solely for making loan and savings payments. We find that the treatment led to improved business knowledge, practices and revenues. The program also improved repayment and client retention rates for the microfinance institution. Larger effects found for those that expressed less interest in training in a baseline survey. This has important implications for implementing similar market-based interventions with a goal of recovering costs.entrepreneurship, microentrepreneur, business skills, business training, credit

Teaching Entrepreneurship: Impact of Business Training on Microfinance Clients and Institutions

Can one teach entrepreneurship, or is it a fixed personal characteristic? Most academic and policy discussion on microentrepreneurs in developing countries focuses on their access to credit, and assumes their human capital to be fixed. However, a growing number of microfinance organizations are attempting to build the human capital of micro-entrepreneurs in order to improve the livelihood of their clients and help further their mission of poverty alleviation. Using a randomized control trial, we measure the marginal impact of adding business training to a Peruvian village banking program for female microentrepreneurs. Treatment groups received thirty to sixty minute entrepreneurship training sessions during their normal weekly or monthly banking meeting over a period of one to two years. Control groups remained as they were before, meeting at the same frequency but solely for making loan and savings payments. We find that the treatment led to improved business knowledge, practices and revenues. The microfinance institution also had direct benefits through higher repayment and client retention rates. Larger effects found for those that expressed less interest in training in a baseline survey have important implications for implementing similar market-based interventions with a goal of recovering costs.entrepreneurship, microfinance, business training, business skills, adult education

Prothoracic region of acalypterate diptera : a) morphology, b) taxonomic significance

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Growing Perennial Flowers in South Dakota

Guide to growing perennial flowers in South Dakota discusses soil, mulching, blooming periods, flower colors, plant height, and planning a border. Includes tables flowering bulbs, corms, tubers, and roots and perennials

24 Herbs for Home Grown Flavor

This publication provides guidance on the uses of herbs, a diagram of a small herb garden, and harvesting, curing, and storing recommendations. It also provides information on the general culture and propagation of herbs, as well as listing popular annual, perennial, and biennial herbs

Growing Annuals in South Dakota

Guide to growing annual flowers in South Dakota discusses hardy, halt-hardy, and tender annuals, annuals for color, cutting, shade, and rock gardens; annuals to grow on dry soils, annual climbing vines, annuals for fragrance, edging, handing baskets and window boxes; and annuals to group in damp locations

Landscape Planning for Farm and Home

It is the purpose of this circular to provide information which will help South Dakotans make their homes more beautiful and more satisfying places to live. This applies to all homes whether they are located in the country or in town. The terms landscaping, home beautification and home grounds improvement are often used to describe this activity. Regardless of the term used, it means developing more beautiful and enjoyable surroundings in which to live.- A new concept in practical landscape planning suggests that the pLrn should first of all be practical and second it should add beauty to the home grounds. Such a plan hinges on three very important factors: * A neat grounds with the house, walks, drives and well cared for fences, in good repair. * An established, well-kept lawn. * The wise use and placement of shade trees, shrubs and flowers. In South Dakota, we have two types of home grounds. The first type includes home grounds where a number of plantings now exist. The second type have few or no plantings whatsoever

Growing Strawberries in South Dakota

This publication provides information on site selection, varieties, planting time, and ordering plants, as well as setting and care of June-bearing and everbearing strawberries. It also discusses fertilizing, mulching, weed control, and low yields