Inventory credit as a commitment device to save grain until the hunger season

Le Cotty Tristan, Maître d'Hôtel Elodie, Soubeyran Raphaël, Subervie Julie. 2019. Inventory credit as a commitment device to save grain until the hunger season. American Journal of Agricultural Economics, 101 (4) : 1115-1139.

https://doi.org/10.1093/ajae/aaz009

Article de revue ; Article de recherche ; Article de revue à facteur d'impact

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Quartile : Q1, Sujet : AGRICULTURAL ECONOMICS & POLICY / Quartile : Q1, Sujet : ECONOMICS

Liste HCERES des revues (en SHS) : oui

Thème(s) HCERES des revues (en SHS) : Economie-gestion

Résumé : In January 2013, we collected data from 653 farmers in Burkina Faso, who were asked hypothetical questions about risk aversion and time discounting. Ten months later, these farmers were offered the opportunity to participate in an inventory credit system, also called warrantage, in which they receive a loan in exchange for storing a portion of their harvest as a physical guarantee in one of the newly‐built warehouses of the program. We found that a significant number of farmers chose to store grain in the warehouse without taking the maximum amount allowed for a loan in return, and that farmers who exhibit a stronger present bias were significantly more likely to participate in the warrantage system than other, otherwise similar, farmers. We interpret these results as evidence that farmers use warrantage as a means to commit to saving a portion of their crop until the lean season. These results are in line with the main predictions of our theoretical model, which explicitly takes the hyperbolic nature of farmers' time preferences into account.

Mots-clés Agrovoc : économie agricole, crédit agricole, stockage des récoltes, microfinance

Mots-clés géographiques Agrovoc : Burkina Faso

Mots-clés complémentaires : warrantage

Mots-clés libres : Warrantage, Soudure, Préférences temporelles, Sahel, Commitment

Classification Agris : E13 - Investissements, financement et crédit
E10 - Économie et politique agricoles
J11 - Manutention, transport, stockage et conservation des produits d'origine végétale

Champ stratégique Cirad : CTS 3 (2019-) - Systèmes alimentaires

Agences de financement européennes : European Commission

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