This article addresses the issue of incomplete markets and imperfect information in the context of credit markets in rural northern Nigeria. In much recent theoretical literature, the problems of moral hazard and adverse selection are assumed to be decisive for the organization of agrarian...

Virtually all models of the household assume that the allocation of resources is Pareto efficient. Within many African households, agricultural production occurs on many plots controlled by different members of the household. Pareto efficiency implies that factors should be allocated efficiently...