Venture Capital and Asymmetric Information in an Evolutionary Framework
The paper analyzes the impact of information asymmetries between intermediaries and savers in open economies in a stochastic model that uses computer simulation. The model features two sectors producing two types of consumer goods and two sectors producing two typos of intermediate inputs (soft machinery and heavy machinery) which are used in the production of consumer goods with different intensities. Machineries are composites of machines supplied under imperfect competition. New businesses are started to develop new machines requiring an initial research and development (R&D) investment. R&D investment includes tangible and intangible investments and can be financed either by bank credits or venture capital.
|Date of creation:||Jul 1999|
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