Chowdhury, Shyamal; Roy Chowdhury, Prabal; Sengupta, Kunal - Volkswirtschaftliche Fakultät, … - 2014
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...