William Wymark Jacobs, or W. W. Jacobs as the world of literature knows him, (1863-1943) wrote his most famous story "The Monkey's Paw" in 1902, at the age of 39, along with 10 other short stories including "The Lady of The Barge," "A Golden Venture," and "The Well." Born in London, he lived near the ocean for most of his childhood, and gathered most of the materials he would use in writing through long walks on the shore and his father's position as the overseer of the South Devon Wharf. Throughout his life, he wrote at least 14 novels and over 80 short stories (see http://www.fantasticfiction.co.uk/authors/W_W_Jacobs.htm for list). "The Monkey's Paw" was actually performed as a Broadway play, on May 11, 1923. Before the beginning of his writing career, Jacobs worked as a postal officer. He eventually resigned to focus his full attention on his writing. He died in the same place he was born: London.
Many of this British author's works are set in a setting very similar to the place where he spent most of his childhood. His stories of sailing and sea venture may have been stirred for a childhood dream or hobby in this area. He grew up in the right environment, but may have been held back by physical frailty, fear, or some other obstacle. Many of these tales are humorous, but some also contain a macabre aspect, such as in "The Monkey's Paw." Perhaps this is based on actual experiences; sailing can be quite dangerous, or it is constructed from myths and ghost stories passed around his town.
Considering the fact that biographical information on Jacobs is slim, determining the actual reason for his writing is probably not possible. But speculation may reasonably determine his intent. Perhaps he was looking for a different way to interpret the genie and the magic lamp story. Maybe it was a well known bit of folk lore. My best estimation is the latter. Folklore and "campfire tales" would have been a popular pastime in that type of setting, at this point in time. It could have been an English spin-off of the 3 wishes magic lamp story, not something that Jacobs himself made up, but something that word of mouth and the process of storytelling created. Jacobs would have simply been the first to put it in print, something that was public domain until he published it.
Encarta CD-Rom, 2004, Copyright 2004
www.fantasticfiction.co.uk/authors/WWjacobs.htm