A Note on the Nonexistence of a Rationing Equilibrium in the Besanko-Thakor Model
证明，在有两类借款人的信贷市场中，若仅违约概率不同且存款供给完全弹性，则对低风险贷款申请人随机配给的合同组合不可能是纳什均衡。
It is shown that in a credit market with two types of borrowers, distinguished only through their not commonly known probability of default, and with a perfectly elastic supply of deposits, a pair of contracts with random rationing of less risky loan applicants cannot be a Nash-equilibrium. Copyright 1993 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.