A Dynamic Option Value for Institutional Change: Marketable Property Rights in the Sahel
用动态规划方法衡量可交易产权这一制度创新的期权价值，发现西非传统风险管理机制崩溃后，人们为平滑收入消费而催生了对可交易产权的需求，但其社会效率影响不确定。
Abstract In this article we use dynamic programming methods to create an option value measure of the value of the institutional innovation of marketable property rights. This measure has two properties that are important to understanding institutional change: it is truly dynamic and it allows for agent heterogeneity. In the case of West Africa, we find that the collapse of customary risk management institutions is a vital part of the demand for marketability rights as agents struggle to smooth income and consumption in its wake. We find that the social efficiency implications of this demand for institutional innovation are ambiguous.