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We present a model in which there is uncertainty about realization of a risky asset value for an informed trader. We introduce two states such that in the "narrow" state the informed trader has better information than in the "wide" state. Then, we show that the informed trader in the wide state...
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This paper considers social choice correspondences assigning a choice set to each non-empty subset of social alternatives. We impose three requirements on these correspondences: unanimity, independence of preferences over infeasible alternatives and choice consistency with respect to choices out...
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This paper develops a hierarchical agency model of deposit insurance. The main purpose is to undertake a game theoretic analysis of the consequences of deposit insurance schemes and their effects on monitoring incentives for banks. Using this simple framework, we analyze both risk- independent...
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