Eichberger, Jürgen; Spanjers, Willy - Alfred-Weber-Institut für Sozial- und … - 2007
We study the impact of ambiguity on two alternative institutions of nancial intermediationin an economy where consumers face uncertain liquidity needs. The ambiguitythe consumers experience is modeled by the degree of condence in their additive beliefs. Weanalyze the optimal liquidity allocation...