Hussain, Sikandar; Ebrahim, M. Shahid - Society for Computational Economics - SCE - 2005
processing or monitoring advantages. We demonstrate that property financing is undertaken in a pecking order of increasing pareto …-free mortgages are pareto-optimal to defaulting mortgages in accordance with the prognosis of Scott (1976) and Stulz and Johnson … (1985). A pareto-improvement of the first solution is obtained by removing the restriction on ownership of property for …