Martins-da-Rocha, V. Filipe; Vailakis, Yiannis - In: Games and Economic Behavior 75 (2012) 1, pp. 277-282
Páscoa and Seghir (2009) presented two examples to show that in the presence of utility penalties for default, collateral requirements do not always eliminate the occurrence of Ponzi schemes and equilibria may fail to exist. This paper aims at providing a counterexample to their claim. We show...