【摘要】 文章研究在不确定且信息非对称情况下,信贷市场上投资项目逆向和正向选择的一般条件。这里假设投资项目的结果只有两种,即要么成功,要么失败。我们定义并证明在一组仅具有两种结果的项目中,在成功概率—回报空间上存在一个逆向选择"区域"和一个正向选择"区域"。Stiglitz和Weiss(1981)以及DeMeza和Webb(1987)早先关于逆向选择和正向选择的案例实际上是一种特例,因为取决于所考察的项目情况,可以有无数个逆向和正向选择的情况。文章也考察了参数变化对企业家选择投资项目的比较静态影响,以及通过银行的某种决策组合把逆向选择转化为正向选择的可能性。更多还原

【Abstract】 This paper studies the general conditions for adverse and favorable selection of investment projects on credit markets under uncertainty and asymmetric information. Here, let’s suppose there are only two results of investment projects: it either succeeds or fails. It defines and proves that in a project where there are only two results, there exist a "region" of adverse selection and a "region" of favorable section in the success probability-return space. The early cases of adverse and favorable selections of Stiglitz and Weiss (1981) and De Meza and Webb (1987) become special cases. Depending on the projects profiles under investigation, there can exist an infinite number of possible cases of adverse and favorable selections. The paper also examines the comparative static effects of some parameter changes on entrepreneurs’ choice of investment projects, and the possibility of transforming an adverse selection case into one of favorable selections through some appropriate policy mix of the bank.更多还原