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Wealth transfers and the role of collateral when lifetimes are uncertain
, J.P. Torres-Martínez
Published in
2008
Volume: 36
   
Issue: 3
Pages: 471 - 502
Abstract
We develop a general equilibrium model of wealth transfers in the presence of uncertain lifetimes and default. Without introducing exogenous debt constraints, agents are allowed to make collateral-backed promises at any state of their life span. © 2007 Springer-Verlag.
About the journal
JournalEconomic Theory
ISSN09382259