Can the presence of private information in a transaction yield a Pareto-improvement over complete information? In this paper we show that the combination of multi-agent simultaneous signaling of private information, and the nature of the strategic interaction, can result in non-cooperative...

Spurred by its successful delivery of credit to poor borrowers in diverse areas of the developing world, joint liability lending has caught the imagination of development theorists and practitioners. Various theories have arisen to explain why joint liability group-based lending can be an...