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Die ökonomische Analyse des Rechts

Entwicklung und Perspektive einer interdisziplinären Wissenschaft- Festschrift für Michael Adams-

Series:

Henning Curti and Tobias Effertz

Diese Festschrift für Professor Dr. Michael Adams stellt einen Querschnitt aus den Forschungsbereichen zusammen, denen er sich während seiner bisherigen wissenschaftlichen Tätigkeit intensiv widmete. Sie umfassen u.a. die Regulierung von Tabakprodukten, Prävention gefährlichen Konsums, die ökonomische Analyse von Religion, Institutionenökonomie, Glücksspiel und dessen Regulierung, Familienökonomie, Gesellschaftsrecht und das Thema Vorstandsvergütung. Die Zusammenstellung von Beiträgen seiner Kollegen und Schüler diskutiert sowohl grundsätzliche Fragestellungen des Law & Economics Bereiches als auch aktuelle Probleme verschiedener Teil-Gebiete.

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Giving Credit to Credit – Finance and Banking - Robert Cooter and Hans-Bernd Schäfer

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33 Giving Credit to Credit – Finance and Banking1 Robert Cooter and Hans-Bernd Schäfer In Afghanistan the wives of Pashtu herdsmen traditionally wear heavy silver bracelets to show off their beauty and to store the family’s savings. Robbing a woman provokes clan revenge feared by thieves, so women are good protectors of wealth. In India poor people developed another way to save — the “chit fund.” A small group of friends, say 12 of them, agree to meet each month for a year. At the first meeting in January, each one contributes $10 into a pot, re- ceives a chit, one chit is drawn at random, and the winner gets the pot of $120. In February the 12 people repeat this process, except January’s winner is ineli- gible to win. The process repeats itself each month until December, so everyone wins $120 exactly once. The monthly winner uses the money for a relatively large purchase – a bicycle, seed corn, a refrigerator, a television, or a wedding. How do silver bracelets and chit funds differ? The silver bracelets do not produce anything, like gold buried under the floor. In contrast the chit fund pro- duces something. To see why, suppose each of the 12 individuals buried $10 under the floor each month. At the year’s end, all 12 of them would have $120. In contrast, by forming a chit fund, 11 people get $120 before the end of the year and 1 person gets $120 at the year’s end. So the chit...

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