Human Skin in the Game

Skin in the Game: Incentives in Crowdfunding

This paper analyses the incentives in the new and significantly growing markets for crowdfunding. In these consumer lending markets, lenders can give their money directly to borrowers without the intermediation of a financial institution. We are able to take advantage of the elimination of origination fees (group leader rewards) in an online social lending market and use a difference-in-differe...

using game theory techniques in self-organizing maps training

شبکه خود سازمانده پرکاربردترین شبکه عصبی برای انجام خوشه بندی و کوانتیزه نمودن برداری است. از زمان معرفی این شبکه تاکنون، از این روش در مسائل مختلف در حوزه های گوناگون استفاده و توسعه ها و بهبودهای متعددی برای آن ارائه شده است. شبکه خودسازمانده از تعدادی سلول برای تخمین تابع توزیع الگوهای ورودی در فضای چندبعدی استفاده می کند. احتمال وجود سلول مرده مشکلی اساسی در الگوریتم شبکه خودسازمانده به حسا...

Mortgage-Backed Securities: How Important Is "Skin in the Game"?

Financial reform legislation passed by Congress in 2010 requires mortgage originators to retain some loss exposure on the mortgages they securitize. Recent research compares the performance of mortgage-backed securities for different types of issues in which originators retain different degrees of loss exposure. The findings suggest that retention of even modest loss exposure by originators red...

Controlling Health Care Spending: More Patient "Skin in the Game?"

Skin in the Game and Equilibrium Asset Prices

I study the asset pricing implications of the presence of active capital. I define active capital as a form of ownership where some owners put skin in the game which makes firms more productive. In general equilibrium, active capital distorts risk sharing: aggregate risk is borne by levered active investors and regular ones are relieved from it. This effect tends to lower the risk price of all ...