The Role of Social Capital in Risk-Taking Decisions under Joint Liability Lending
利用坦桑尼亚的实地实验和调查数据，研究发现借款小组中亲友关系多的借款人会增加风险承担，而引发羞耻和内疚等负面道德情感的关系多的借款人则会减少风险承担。
Joint liability group lending has come under scrutiny for failure to promote profitable risk-taking among smallholder borrowers in developing countries. One possible explanation for the absence of profitable risk-taking is the collateral-like effect of social capital, which borrowers fear losing if they default. In this paper, we use data from a framed field experiment and a survey administered in Tanzania to empirically investigate the relationship between social capital and risk-taking. We find that borrowers with more close relationships (family and friends) in their borrowing group increase risk-taking yet borrowers with more relationships that induce negative moral emotions (shame and guilt) reduce risk-taking.