Do Risky Microfinance Borrowers Really Invest in Risky Projects? Experimental Evidence from Bolivia
通过玻利维亚200名小额信贷借款人的实地实验，检验了违约借款人是否更倾向于投资高风险项目，结果发现违约组与还款组在风险偏好上无显著差异，支持了信贷市场失灵的行为理论。
This paper reports the results of an experiment testing a fundamental assumption in Stiglitz and Weiss’ (1981) model of credit rationing: that defaulting borrowers are associated with investment in risky projects. Through an artefactual field experiment with 200 Bolivian microfinance borrowers, we observe that subjects from real-world delinquent borrowing groups do not prefer risky projects to safer ones significantly more than subjects from repaying groups. Instead, our results support more recent behavioural theories of credit market failure. Implications are that defaulting microfinance borrowers may be those who take too little investment risk rather than those who take too much.