Bond, Philip (contributor); Eraslan, Hülya (contributor) - 2005 - Rev.
credibly commit to punish the debtor in the event of default both directly
reduces the amount that can be borrowed, and worsens … the fact that he is the winner (which
is the only event in which his bid matters). In the formal voting literature on … creditor i who has received a signal σi. Let piv denote the event
that his vote is pivotal, and piv denote the event that his …