THE ECONOMICS OF ROTATING SAVINGS AND CREDIT ASSOCIATIONS
建立一般均衡模型，比较轮转储蓄与信贷协会、信贷市场和自给储蓄在分配不可分割耐用消费品时的效率和预期效用，发现随机分配资金的轮转协会有时比完美信贷市场带来更高预期效用。
This paper examines the role and performance of an institution for allocating savings which is observed world wide - rotating savings and credit associations. We develop a general equilibrium model of an economy with an indivisible durable consumption good and compare and contrast these informal institutions with credit markets and autarkic saving in terms of the properties of their allocations and the expected utility which they obtain. We also characterize Pareto efficient and expected utility maximizing allocations for our economy, which serve as useful benchmarks for the analysis. Among our results is the striking finding that rotating savings and credit associations which allocate funds randomly may sometimes yield a higher level of expected utility to prospective participants than would a perfect credit market.