Detail Response to "A Note on The Nonexistence of A Rationing Equilbrium in The Besanko-Thakor Model"   Oleh:  Besanko, David ; Thakor, Anjan Jenis: Article from Bulletin/Magazine Dalam koleksi: INTERNATIONAL ECONOMIC REVIEW vol. 34 no. 3 (1993), page 739-740. Topik: equilibrium; rationing equilibrium; bensako - thakor models Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: II49.3 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel Clemenz's 1993 comment criticizes our 1987 paper in two ways : first, a Nash equilibrium with rationing does not exist; second, allowing randomization across credit contracts changes the equilibrium from our 1987 paper. We respond as follows. First, our rationing equilibrium is a sequential equilibrium when informed borrowers move first. Moreover, it is a Riley reactive equilibrium when uninformed banks move first and have an infinitesimally positive cost of offering contracts. Second, equilibria with augmented strategy spaces often differ from equilibria with simpler strategy spaces. It is no surprise this is true in our paper. However, the augmentation suggested by Clemenz is institutionally unappealing. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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