Imperfect Information, Uncertainty, and Credit Rationing: Comment and Extension
重新定义并扩展了Jaffee-Russell模型，在需求侧纳入违约预期，将信贷价格视为扣除预期违约后的净收益率，发现单一合同均衡不一定出现配给，多重合同均衡也不会不稳定。
The Jaffee and Russell [1976] model of credit rationing under imperfect information and uncertainty suggests that a single-contract equilibrium will tend to occur at a point of rationing and that a multiple-contract equilibrium will likely be unstable. This paper respecifies and extends the Jaffee-Russell model to incorporate default expectations on the demand side and to consider the price of credit more appropriately to be the net (after expected default) yield rather than the contract rate. Results show rationing is not necessary in the single-contract equilibrium case, nor is an unstable equilibrium possible in the multiple-contract case.