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Sequential costly state verification...

Nakamura, Hisashi.

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Sequential costly state verifications under two-state Markov chain shocks.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Sequential costly state verifications under two-state Markov chain shocks./
Author:	Nakamura, Hisashi.
Description:	40 p.
Notes:	Source: Dissertation Abstracts International, Volume: 66-03, Section: A, page: 1112.
Contained By:	Dissertation Abstracts International66-03A.
Subject:	Economics, Theory. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3168367
ISBN:	0542043599

Sequential costly state verifications under two-state Markov chain shocks.
Nakamura, Hisashi.

Sequential costly state verifications under two-state Markov chain shocks. - 40 p.

Source: Dissertation Abstracts International, Volume: 66-03, Section: A, page: 1112.

Thesis (Ph.D.)--The University of Chicago, 2005.

This paper studies sequential costly state verification as a formal representation of loan-default negotiation in an infinite horizon principal-agent model with privately observed two-state first-order Markov income shocks. The main result is as follows: With some particular parametric assumptions, there exists a trade equilibrium where costly state verifications occur recurrently only when lender believes that high state is probable while borrower knows that the true state is low. In the trade equilibrium, default plays a positive role in ex ante contingent agreement. Also, as an application to international finance, this paper gives some insights into autarkic-financing features in the world's poorest economies.

ISBN: 0542043599Subjects--Topical Terms:

1017575
Economics, Theory.

Sequential costly state verifications under two-state Markov chain shocks.
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100 1 $a Nakamura, Hisashi. $3 1936425
245 1 0 $a Sequential costly state verifications under two-state Markov chain shocks.
300 $a 40 p.
500 $a Source: Dissertation Abstracts International, Volume: 66-03, Section: A, page: 1112.
500 $a Adviser: Edward J. Green.
502 $a Thesis (Ph.D.)--The University of Chicago, 2005.
520 $a This paper studies sequential costly state verification as a formal representation of loan-default negotiation in an infinite horizon principal-agent model with privately observed two-state first-order Markov income shocks. The main result is as follows: With some particular parametric assumptions, there exists a trade equilibrium where costly state verifications occur recurrently only when lender believes that high state is probable while borrower knows that the true state is low. In the trade equilibrium, default plays a positive role in ex ante contingent agreement. Also, as an application to international finance, this paper gives some insights into autarkic-financing features in the world's poorest economies.
590 $a School code: 0330.
650 4 $a Economics, Theory. $3 1017575
690 $a 0511
710 2 0 $a The University of Chicago. $3 1017389
773 0 $t Dissertation Abstracts International $g 66-03A.
790 1 0 $a Green, Edward J., $e advisor
790 $a 0330
791 $a Ph.D.
792 $a 2005
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3168367