Optimal Interventions in Markets with Adverse Selection

We characterize cost-minimizing interventions to restore lending and investment when markets fail due to adverse selection. We solve a mechanism design problem where the strategic decision to participate in a government's program signals information that affects the financing terms of non

我们刻画了逆向选择（adverse selection）导致市场失灵时，用于恢复信贷与投资的成本最小化干预措施。我们求解了一类机制设计（mechanism design）问题，其中参与政府项目的策略性决策会传递影响非（原文未完成）的融资条款的信息。