Credit rationing or entrepreneurial risk aversion? An alternative explanation for the Evans and Jovanovic finding

被引：71

作者：

Cressy, R ^{[1
]}

机构：

[1] Univ Warwick, Warwick Business Sch, CSME, Coventry CV4 7AL, W Midlands, England

来源：

ECONOMICS LETTERS | 2000年 / 66卷 / 02期

关键词：

credit rationing; switching; assets; risk-aversion;

D O I：

10.1016/S0165-1765(99)00216-5

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Evans and Jovanovic ('EJ') [Evans, D., Jovanovic, B., 1989. An estimated model of entrepreneurial choice under Liquidity constraints. Journal of Political Economy 97 (4), 808-827.] claimed that in a credit market with collateral-based lending, credit rationing occurs if more collateral increases startups. Adjusting the model to incorporate uncertainty and decreasing absolute risk aversion, this relationship can be explained as a risk averter's response to the lowered riskiness of self- over wage-employment. (C) 2000 Elsevier Science S.A. All rights reserved.

引用

页码：235 / 240

页数：6

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