Harsh default penalties lead to Ponzi schemes: a counterexample
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Publication:417701
DOI10.1016/j.geb.2011.10.004zbMath1279.91114WikidataQ57935141 ScholiaQ57935141MaRDI QIDQ417701
V. Filipe Martins-da-Rocha, Yiannis Vailakis
Publication date: 14 May 2012
Published in: Games and Economic Behavior (Search for Journal in Brave)
Full work available at URL: http://hdl.handle.net/10036/4297
collateral; default penalties; infinite horizon economies; no-trade; pessimistic expectations; Ponzi schemes
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