标题： 为什么不借贷、投资并摆脱贫困？ 显示英文标题

标题： Why Not Borrow, Invest, and Escape Poverty?

摘要： 贫困人群对微额贷款用于商业或人力资本投资的采用率被证明非常低。 我们表明，如果投资旨在提高成功的概率，这可以通过风险规避来解释，而无需依赖固定成本或其他技术上的非凸性。 在这一框架下，理性的风险规避代理选择角落解，这与面对具有外生成功概率的风险投资时的情况不同。 我们的在线实验证实了我们关于代理在面对两种不同类型的投资时选择差异的理论预测。 显示英文摘要

摘要： Take up of microcredit by the poor for investment in businesses or human capital turned out to be very low. We show that this could be explained by risk aversion, without relying on fixed costs or other forms of non-convexity in the technology, if the investment is aimed at increasing the probability of success. Under this framework, rational risk-averse agents choose corner solutions, unlike in the case of a risky investment with an exogenous probability of success. Our online experiment confirms our theoretical predictions about how agents' choices differ when facing the two types of investments.