A dynamic model of settlement
نویسندگان
چکیده
We investigate the role of settlement in a dynamic model of a payment system where the ability of participants to perform certain welfare-improving transactions is subject to random and unobservable shocks. In the absence of settlement, the full information first-best allocation cannot be supported due to incentive constraints. In contrast, this allocation is supportable if settlement is introduced. This, however, requires that settlement takes place with a sufficiently high frequency.
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ورودعنوان ژورنال:
- J. Economic Theory
دوره 142 شماره
صفحات -
تاریخ انتشار 2008