A Model of Pairwise Credit
研究了无社会惩罚机制下成对信用的随机匹配模型，发现即使信息对称且价格竞争，仍存在信贷配给，且信用关系持久，引入信用不一定提高债务人福利。
A model of credit as a pairwise activity is studied in a random matching model where there are no social sanction mechanisms. The model depicts some prevalent features of credit arrangements. Even though there are no informational asymmetries and the price of credit is determined competitively, there is credit rationing. The credit relationships are also long lasting. The introduction of credit into a barter economy does not necessarily increase the welfare of debtors. Copyright 1995 by The editors of the Scandinavian Journal of Economics.