Enforcement with Costly Group Formation
The joint liability literature claims that positive assortative matching, or risk homogeneity, is always the first best solution. We examine this claim in presence of group formation costs and find that the assertion is not always true.
Volume (Year): 15 (2005)
Issue (Month): 9 ()
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"The Economics of Lending with Joint Liability: Theory and Practice,"
791, Economic Growth Center, Yale University.
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