Moral-hazard credit cycles with risk-averse agents
نویسندگان
چکیده
منابع مشابه
1 MORAL - HAZARD CREDIT CYCLES WITH RISK - AVERSE AGENTS by Roger
MORAL-HAZARD CREDIT CYCLES WITH RISK-AVERSE AGENTS by Roger B. Myerson http://home.uchicago.edu/~rmyerson/research/rabankers.pdf Abstract: We consider a simple overlapping-generations model with risk-averse financial agents subject to moral hazard. Efficient contracts for such financial intermediaries involve backloaded late-career rewards. Compared to the analogous model with risk-neutral agen...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2014
ISSN: 0022-0531
DOI: 10.1016/j.jet.2014.05.009