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Erschienen in:
2015 | OriginalPaper | Buchkapitel
Literature Review on Financing Hearing Instruments and Implants Purchase
verfasst von : Artem Boltyenkov
Erschienen in: A Healthcare Economic Policy for Hearing Impairment
Verlag: Springer Fachmedien Wiesbaden
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The contemporary microfinance theory on lending to individuals is based on the works of Stiglitz (1990), and Ghatak and Guinnane (1999). Conning (2000) further expanded the theory. All these works describe lending in terms of the principal-agent model. Here, the lender is a principal, and the borrower is an agent. A principal delegates the authority to an agent to act on his behalf. In this case, it is to use the funds obtained via the loan on a project with the positive return on investment.