Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2002
. The aversion to intertemporal substitution, a regular feature of real world agents, facilitates cooperation by decreasing …. Access to goods’ markets and ‘money’ may then hinder cooperation by undoing these effects, allowing agents to save and … markets make cooperation even harder to sustain, unless the market interest rate is sufficiently below agents’ discount rate …