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Harsh default penalties lead to Ponzi schemes

Games and economic behavior, 2009, Vol.65 (1), p.270-286 [Peer Reviewed Journal]

ISSN: 0899-8256 ;EISSN: 1090-2473 ;DOI: 10.1016/j.geb.2007.10.002

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  • Title:
    Harsh default penalties lead to Ponzi schemes
  • Author: Páscoa, Mário Rui ; SEGHIR, Abdelkrim
  • Subjects: Equilibrium Incomplete markets Default Collateral Utility penalties Ponzi schemes
  • Is Part Of: Games and economic behavior, 2009, Vol.65 (1), p.270-286
  • Description: In the presence of utility penalties, collateral requirements do not always eliminate the occurrence of Ponzi schemes. Harsh utility penalties may induce effective payments over collateral recollection values. In this event, loans can be larger than collateral costs and Ponzi schemes become possible.
  • Publisher: Elsevier
  • Language: English
  • Identifier: ISSN: 0899-8256
    EISSN: 1090-2473
    DOI: 10.1016/j.geb.2007.10.002
  • Source: RePEc
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