We examine empirically the generalizability of internally valid micro estimates of causal effects in a fixed population over time when that population is subject to aggregate shocks. Using panel data we show that the returns to investments in agriculture in India and Ghana, small and medium...

The investment decisions of small-scale farmers in developing countries are conditioned by the farmers’ financial environment. Binding credit-market constraints and incomplete insurance can reduce investment in activities with high expected profits. We conducted several experiments in northern...

The investment decisions of small‐scale farmers in developing countries are conditioned by their financial environment. Binding credit market constraints and incomplete insurance can reduce investment in activities with high expected profits. We conducted several experiments in northern Ghana...

The investment decisions of small‐scale farmers in developing countries are conditioned by their financial environment. Binding credit market constraints and incomplete insurance can reduce investment in activities with high expected profits. We conducted several experiments in northern Ghana...