Jonathan Morduch's survey design — asking people to choose between a smaller sum tomorrow vs a larger sum three months later, and the same comparison shifted a year into the future — reveals three behavioral types, and the microfinance-successful borrowers are disproportionately the 'type 3' who take money now but reveal a low discount rate when the choice is shifted to the future (they want to save but can't).
factualpending
Speaker
Michael MungerEvidence Quote
“the researchers Jonathan Moore Duncan and his colleagues went back and looked at the people who were successful in these microfinance circles and an extremely disproportionate number of them were of that third type people who had need for money immediately but who wanted to save in the sense that they valued the future more than the present”
Created: 6/17/2026, 10:29:24 AM
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