Microfinance has been heralded as an effective way to address imperfections in credit markets. But from a theoretical perspective, the success of microfinance contracts has puzzling elements. In particular, the group-based mechanisms often employed are vulnerable to free-riding and collusion, although they can also reduce moral hazard and improve selection. The authors created an experimental economics laboratory in a large urban market in Lima, Peru...
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INFORMATION
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2006/07/01
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Document de travail de recherche sur les politiques
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WPS3959
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1
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1
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2010/07/01
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Disclosed
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Microfinance games
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joint liability
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