Joint Liability Lending and the Peer Selection Effect
指出Ghatak（2000）的连带责任贷款合同违反了事后激励相容约束，即连带责任不能超过个人责任，并推导了满足该约束的最优分离合同。
We show that the joint liability lending contracts derived in Ghatak (2000) violate an "ex post" incentive-compatibility constraint which says that the amount of joint liability cannot exceed the amount of individual liability. We derive and characterise optimal separating joint liability contracts incorporating this constraint. Copyright 2005 Royal Economic Society.