Social Impact Bonds: New Product or New Package?
Social Impact Bonds: New Product or New Package?
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社会影响力债券：新产品还是新方案？
DOI：
10.1093/jleo/ewx012
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发表时间：
2017
期刊：
影响因子：
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通讯作者：
A. Swanson
中科院分区：
文献类型：
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作者：
M. Pauly;A. Swanson
本文考虑了一种相对较新的社会服务筹资形式，即“社会影响债券”。社会投资银行的支持者认为，它们为社会服务筹资方面的若干问题提供了解决办法，包括业绩激励和风险分配。使用一个简单的模型，我们首先证明，尽管他们明显的新奇，SIB在概念上不需要产生任何差异的结果，从标准的融资安排与私人非营利公司。然后，我们认为，如果投资者的努力对激励做出反应，并且可以直接（例如，在生产中施加的努力）或间接地（例如，努力致力于筛选），但不太可能这样做，否则。我们的结论是，在更一般的理论文献中，这个特定的应用程序在资助创新方面的价值将是强烈的上下文相关的。（JELH4，H53，L3，M14，O35）
This paper considers a relatively new form of financing for social services, the “social impact bond (SIB).” Proponents of SIBs argue that they present a solution to several problems in funding social services, including performance incentives and risk allocation. Using a simple model, we first demonstrate that, despite their apparent novelty, SIBs in concept need not produce any difference in outcome from standard financing arrangements with private nonprofit firms. We then argue that SIBs will lead to greater program success if investors’ effort responds to incentives and can positively influence outcomes, either directly (e.g., effort exerted in production) or indirectly (e.g., effort devoted to screening), but are unlikely to do so otherwise. We conclude that, as in the more general theoretical literature, the value of this particular application in terms of funding innovation will be strongly context-dependent. (JELH4, H53, L3, M14, O35)