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Slow persuasion
Escudé, Matteo; Sinander, Ludvig - In: Theoretical Economics 18 (2023) 1, pp. 129-162
decision-maker takes an action in each period. Using a novel `viscosity' dynamic programming principle, we characterise the …
Persistent link: https://www.econbiz.de/10014536988
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Fragility of reputation and clustering of risk-taking
Ordoñez, Guillermo L. - In: Theoretical Economics 8 (2013) 3, pp. 653-700
Reputation concerns in credit markets restrain borrowers' temptations to take excessive risk. The strength of these concerns depends on the behavior of other borrowers, rendering the reputational discipline fragile and subject to breakdowns without obvious changes in economic fundamentals....
Persistent link: https://www.econbiz.de/10011599495
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Fragility of reputation and clustering of risk-taking
Ordoñez, Guillermo L. - In: Theoretical Economics 8 (2013) 3
Reputation concerns in credit markets restrain borrowers' temptations to take excessive risk. The strength of these concerns depends on the behavior of other borrowers, rendering the reputational discipline fragile and subject to breakdowns without obvious changes in economic fundamentals....
Persistent link: https://www.econbiz.de/10011019205