Chowdhury, Shyamal; Chowdhury, Prabal Roy; Sengupta, Kunal - In: Journal of Development Economics 111 (2014) C, pp. 167-180
This paper develops a theory of sequential lending in groups in micro-finance that centers on the notion of dynamic incentives, in particular the simple idea that default incentives should be relatively uniformly distributed across time. In a framework that allows project returns to accrue over...
