; Collateral ; Income risk ; Bankruptcy …. Furthermore, we establish two quantitative results. Firstly, modest levels of risk aversion are necessary to match observed debt …

and price of unsecured debt. -- household debt portfolios ; housing ; collateral ; bankruptcy ; commitment ; income risk …

Using agent-based simulation methods we explore the interplay between income distribution, personal insolvency … social comparison effects, the insolvency regime decides on lower income households' incentives to expose themselves to … observed distribution of income and wealth, we model them by means of a Generalised Pareto Distribution. In the presence of …