Wealth transfers and the role of collateral when lifetimes are uncertain
Wealth-transfers.pdf (371.6Kb)Abstract
We develop a general equilibrium model of wealth transfers in the presence of uncertain
lifetimes and default. Without introducing exogenous debt constraints, agents are allowed to make
collateral-backed promises at any state of their life span.
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Economic Theory, volume 36, issue 3, pages 471-502 2008
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