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|JPD 1989 Vol. XVI No.1-a||Microeconomic Behavior of Agents in a Credit-Output Market in an Agricultural Setting|
|Geron, Maria Piedad S.|
Rural agents engage in interlocking market transactions to minimize costs due to underdevelopment of rural markets. This study aims to model the economic behavior of agents in a credit-output market. Results indicate the prevalence of high interest rates in developed areas. Where income is low, transaction costs are high and the market is segmented, informal lenders are useful on efficiency grounds. Hence, the first-best solution appears to be augmenting farmerís income.
|keywords:||economic/development modelling,income,rural sector,credit market,transaction cost|
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