Credit Rationing in Markets with Imperfect Information-英文文献.pdf

American Economic Association Credit Rationing in Markets with Imperfect Information Author(s): Joseph E. Stiglitz and Andrew Weiss Source: The American Economic Review, Vol. 71, No. 3 (Jun., 1981), pp. 393-410 Published by: American Economic Association Stable URL: /stable/1802787 Accessed: 23/04/2009 04:53 Your use of the JSTOR archive indicates your acceptance of JSTORs Terms and Conditions of Use, available at /page/info/about/policies/terms.jsp. JSTORs Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at /action/showPublisher?publisherCode=aea. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. JSTOR is a not-for-profit organization founded in 1995 to build trusted digital archives for scholarship. We work with the scholarly community to preserve their work and the materials they rely upon, and to build a common research platform that promotes the discovery and use of these resources. For more information about JSTOR, please contact support@. American Economic Association is collaborating with JSTOR to digitize, preserve and extend access to The American Economic Review. CreditRationingin Marketswith ImperfectInformation By JOSEPH E. STIGLITZ AND ANDREW WEISS* Why is credit rationed? Perhaps the most they receive on the loan, and the riskiness of basic tenet of economics is that market equi- the loan. However, the interest rate a bank librium enta