The Welfare Implications of Costly Monitoring in the Credit Market: a Note
指出Hillier和Worrall（1994）关于昂贵监督下应进一步配给信贷的结论，在监督成本内生时可能被推翻，对研究信贷配给与福利的学者有参考价值。
Hillier and Worrall (1994) derived a surprising result that credit should be further rationed in the costly‐monitoring credit‐rationing equilibrium. This note shows that their result may be reversed if monitoring costs are endogenously determined.