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Poor people and risky business

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Date
2006
Author
Zuleta, Hernando
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Citation
URI
https://ideas.repec.org/p/col/000092/003356.html...

Summary

We try to explain why economic conflicts and illegal business often take place in poor countries. We use the concept of subsistence level of consumption (d) and assume a regular concave utility function for consumption levels higher than d. For consumption levels lower than d utility is constant and equal to zero. Under this framework poor agents are risk-lovers. This result helps to explain why economic conflicts are more likely to appear in poor economies and why poor agents are more willing to undertake illegal business.

Keyword

Poverty ; Income Distribution ; Illegal Business ;

Subject

Producción ;

Source link

https://ideas.repec.org/p/col/000092/003356.html...

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