Endogenous Default Penalties in Nominal Incomplete Markets

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.

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Year of publication:	2009
Authors:	Gouveia, Nuno ; Seghir, Abdelkrim
Published in:	Annals of Economics and Finance. - China Economics and Management Academy, ISSN 1529-7373. - Vol. 10.2009, 2, 8, p. 391-418
Publisher:	China Economics and Management Academy
Subject:	Equilibrium \| Endogenous \| default penalties \| Incomplete markets

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Extent:	application/pdf
Type of publication:	Article
Classification:	D52 - Incomplete Markets ; D91 - Intertemporal Consumer Choice; Life Cycle Models and Saving
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010819326