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- URN to cite this document:
- urn:nbn:de:bvb:355-epub-155783
- DOI to cite this document:
- 10.5283/epub.15578
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Abstract
Contrary to what is usually assumed in the literature, the return function (i.e., the relation between the interest rate on loans and the resulting rate of return) cannot be globally humpshaped in the Stiglitz-Weiss (1981) adverse selection model with a continuum of borrower types. It is possibly non-monotonic, but it attains its global maximum at the maximum interest rate beyond which there is ...
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