Risk Attitude,Cooperation Behavior and Joint Liability Loan Contracts:An Experimental Research
通过实验研究，发现连带责任贷款中个体的努力水平高于个人责任贷款，且风险偏好者的合作水平更高、更持久，而风险厌恶者可能破坏合作。建议小额信贷机构向风险偏好者提供连带责任贷款，并避免混合不同风险态度的借款人。
This study explores the effects of individuals' risk attitudes on the cooperation among joint liability (JL) loan contracts through an experimental research method.The findings show that;firstly,individuals' efforts in JL loan contracts are positively related,and the average level of their efforts is significantly higher than that in individual liability(IL) loan contracts,indicating that there is a higher conditional cooperation among JL loan contracts.Secondly,risk-loving individuals' efforts among JL loan contracts are significantly higher than risk-averse individuals',implying that risk-loving has a higher cooperation level than risk aversion.Thirdly,the effort of risk-averse individuals decreases much faster with the period of experiment than that of risk-loving individuals, suggesting that the risk -averse individuals may spoil the cooperation level in JL loan contracts.Taken as a whole,the authors finally suggest that micro-financial institutions should provide JL loan to risk-loving borrowers and avoid forming a JL group with borrowers having different risk attitudes,and the period of JL contracts united by risk-loving borrowers may be longer.