A Note on the Nonexistence of a Rationing Equilibrium in the Besanko-Thakor Model
| Autor: | Gerhard Clemenz |
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| Rok vydání: | 1993 |
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| Zdroj: | International Economic Review. 34(3):727-37 |
| Popis: | It is shown that in a credit market with two types of borrowers, distinguished only through their not commonly known probability of default, and with a perfectly elastic supply of deposits, a pair of contracts with random rationing of less risky loan applicants cannot be a Nash-equilibrium. Copyright 1993 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association. |
| Databáze: | OpenAIRE |
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