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Contrats financiers avec asymétrie de l’information dans un cadre dynamique

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  • Fouda, Henri

    (Ecole des Hautes Études Commerciales)

  • Poitevin, Michel

    (Département de sciences économiques, Université de Montréal)

Abstract

This article characterizes equilibrium financial contracts in a two-period model with adverse selection. We consider the case in which private information of the entrepreneur about the profitability of his project is perfectly corraleted across periods. We show that, in a dynamic context, equilibrium contracts may significantly differ from those of the static model. Cet article présente une caractérisation des contrats financiers d’équilibre dans un modèle à deux périodes avec sélection adverse. Nous analysons le cas où l’information privée de l’entrepreneur sur la rentabilité de son projet est parfaitement corrélée sur les deux périodes. Dans ce contexte dynamique, nous démontrons que les contrats d’équilibre sont sensiblement différents de ceux dérivés dans le modèle statique.

Suggested Citation

  • Fouda, Henri & Poitevin, Michel, 1993. "Contrats financiers avec asymétrie de l’information dans un cadre dynamique," L'Actualité Economique, Société Canadienne de Science Economique, vol. 69(1), pages 91-110, mars.
    • Handle: RePEc:ris:actuec:v:69:y:1993:i:1:p:91-110
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