Thesiss

The testable implications of the Permanent Income Hypothesis are derived from the maximization of the present discounted value of expected lifetime utility from consumption. The consumer choice problem is a dynamic decision problem under uncertainty. The first order condition fr…

This dissertation consists of three essays examining the micro- and macro-determinants of economic development. In the first essay, focusing on a panel of Indonesian households, we study whether social capital improves household welfare by enabling families to smooth consumption…