dc.creatorEdison Rojas Mora, Jaime
dc.date2022-01-01T08:00:00Z
dc.date.accessioned2022-10-13T15:55:48Z
dc.date.available2022-10-13T15:55:48Z
dc.identifierhttps://ciencia.lasalle.edu.co/scopus_unisalle/799
dc.identifier.urihttps://repositorioslatinoamericanos.uchile.cl/handle/2250/4189677
dc.descriptionIn this article, I analyze why inequality can discourage investment. I derive my hypothesis from the theory of aspirations as a reference point. A more significant aspiration gap–the distance between the current state and the aspired state–leads to frustration and fewer incentives to invest. In study I, I use data from a longitudinal panel, exploiting environmental shocks to identify a plausibly exogenous source of variation for inequality. I combine it with an indirect measurement of aspirations using data on wealth, computed for the plausible reference group, defined as cells within the population, sharing similar observable characteristics. Finally, I use the variation in the total debt as the outcome variable. In study II, I use data from a specialized survey where shocks and aspirations are directly measured. I look at total debt as the outcome. Although the two tests are only partially conclusive, the evidence aligns with the central hypothesis.
dc.sourceDevelopment Studies Research
dc.source12
dc.subjectAspirations
dc.subjectcapital accumulation
dc.subjectdebt
dc.subjectnegative shocks
dc.subjectreference point
dc.titleAspirations, inequality, and behavioral change: evidence from Colombia
dc.typeArticle


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