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- W2127202316 abstract "Suppose an entrepreneur needs funds from a financier to invest in a risky project whose cost is fixed, and whose return may be high or low. Suppose also that the project's realized return is an information that is private to the entrepreneur. If the amount the entrepreneur pays back to the financier depends on the risky project's outcome, if it is costly for the financier to verify the project's true realized return, and if the financier cannot commit to an auditing strategy, then it is optimal for the entrepreneur to misreport the true state of the world with some probability. In other words, it is in the entrepreneur's interest to lie with a degree of probability. We find that the entrepreneur over-finances his project when the financier cannot commit, and that he has greater wealth ex post if the project is not successful. Over-borrowing and greater wealth in the low-return state result in reducing the number of false reports in the economy. Prenons une economie ou un entrepreneur a besoin de financement afin d'entreprendre un projet risque dont le cout est fixe et dont le rendement peut etre faible ou eleve. Supposons alors que ce rendement est une information privee de l'entrepreneur. Si le montant que l'entrepreneur doit rembourser au financier depend du rendement sur le projet risque, s'il est couteux pour le financier de verifier le rendement reel du projet, et si le financier ne peut se commettre en une strategie de verification, alors il devient optimal pour l'entrepreneur de ne pas dire la verite tout le temps. Nous trouvons premierement que l'entrepreneur sur-finance son projet d'investissement si le financier ne peut se commettre, et deuxiemement que l'entrepreneur a une plus grande richesse ex post si le projet ne porte pas fruit. Ce sur-financement et cette plus grande richesse dans le mauvais etat de la nature sont le produit de l'absence d'engagement de la part du principal qui doit utiliser ces signaux couteux afin de reduire le nombre de faux messages dans l'economie." @default.
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- W2127202316 date "2001-04-01" @default.
- W2127202316 modified "2023-10-03" @default.
- W2127202316 title "Project Financing when the Principal Cannot Commit" @default.
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