Credit markets with imperfect information: Risk-aversion versus pessimism

被引：1
|
作者：
Arcand, Jean-Louis [1 ]
McDonald, Stuart [2 ]
机构：
[1] Grad Inst Int & Dev Studies, Dept Int Econ, Geneva, Switzerland
[2] Renmin Univ China, Hanging Adv Inst Econ & Finance, Beijing, Peoples R China
来源：
ECONOMICS LETTERS | 2018年 / 165卷
关键词：
Rank-dependent expected utility; Increasing risk; Risk-aversion; Credit rationing; UTILITY; MODEL;
D O I：
10.1016/j.econlet.2018.01.029
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Stiglitz and Weiss (1981) credit rationing is embedded within rank dependent expected utility theory. Our results show that sufficient pessimism or sufficient risk-aversion by borrowers may eliminate adverse selection. Moreover, lender optimism may eliminate credit rationing even when adverse selection exists. (C) 2018 Elsevier B.V. All rights reserved.
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页码：35 / 38
页数：4
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