کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
884723 912411 2007 10 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Entrepreneurial learning and the existence of credit markets
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Entrepreneurial learning and the existence of credit markets
چکیده انگلیسی

I explore the economic implications of learning by doing by borrower entrepreneurs who are initially imperfectly informed about their innate abilities. It is shown how entrepreneurial learning worsens the adverse effects of moral hazard, causing the possible disappearance of otherwise viable credit markets and thereby decreasing social welfare. The reason is that learning reduces subjective uncertainty about risky future outcomes, thus encouraging excessive risk-taking behaviour.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Behavior & Organization - Volume 62, Issue 1, January 2007, Pages 37–46
نویسندگان
,