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Good Intentions Pave the Way to ... the Local Moneylender


Author Info

  • Lutz G. Arnold
  • Benedikt Booker


Microborrowers may take usurious loans to repay a loan taken from a micro nance institution because of having neglected the time inconsistency of optimal plans or having discounted future payoffs too strongly from the ex-post perspective. Microfinance programs should strive at preventing such consequences of bounded rationality.

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File Function: First version, 2012
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Bibliographic Info

Paper provided by Bavarian Graduate Program in Economics (BGPE) in its series Working Papers with number 126.

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Length: 9 pages
Date of creation: Sep 2012
Date of revision:
Handle: RePEc:bav:wpaper:126_arnoldbooker

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Related research

Keywords: microfinance; hyperbolic discounting;

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