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Endogenous default penalties in nominal incomplete markets
N. Gouveia,
Published in
2009
Volume: 10
   
Issue: 2
Pages: 391 - 418
Abstract
This paper endogeneizes the utility penalties, initiated by Dubey, Geanakoplos and Shubik (2005), by introducing a benevolent central planner choosing the value of marginal default utility penalties for each consumer. We also prove equilibrium existence with endogenous default penalties for incomplete markets with nominal assets.
About the journal
JournalAnnals of Economics and Finance
ISSN15297373