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²Ä 113 ¶

The expected output is

entrepreneur , therefore cle ; ) has to be deducted from expected output from the

project along with expected loan repayment to arrive at the entrepreneur's payoff

...

The expected output is

**given**by h ( ej ) / 2 . Since effort causes disutility to theentrepreneur , therefore cle ; ) has to be deducted from expected output from the

project along with expected loan repayment to arrive at the entrepreneur's payoff

...

²Ä 116 ¶

Thus for any

and positively sloped above p * ( e ) . Note that the slope of tangents to the iso -

profit contours of the lenders become infinity at ( e , r * ( e ) ) . The equilibrium ...

Thus for any

**given**e , the iso - profit contours are negatively sloped below p * ( e )and positively sloped above p * ( e ) . Note that the slope of tangents to the iso -

profit contours of the lenders become infinity at ( e , r * ( e ) ) . The equilibrium ...

²Ä 266 ¶

The density of ne is thus

expected value of nt is zero and its variance is on . The terms ( d , e ) and nt , and

( d , e ) and Et are assumed to be independently distributed . Finally , let the ...

The density of ne is thus

**given**by for ne £á ( -1 , ñ and zero otherwise . Theexpected value of nt is zero and its variance is on . The terms ( d , e ) and nt , and

( d , e ) and Et are assumed to be independently distributed . Finally , let the ...

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in collaboration with Asia Pacific | 187 |

ISSN 12264261 | 187 |

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