environments for general distributions and probability spaces, and we show that the extended measure avoids bankruptcy in …

avoids bankruptcy in the long run. It is not time-consistent. …

individuals may file for bankruptcy or default on their mortgage. Uncertainty in the model is driven by house price shocks …, education specific productivity shocks, and catastrophic consumption events, while bankruptcy is governed by the basic … Bankruptcy policy. …

avoids bankruptcy in the long run. It is not time-consistent. …

individuals may file for bankruptcy or default on their mortgage. Uncertainty in the model is driven by house price shocks …, education specific productivity shocks, and catastrophic consumption events, while bankruptcy is governed by the basic … Bankruptcy policy. …

avoids bankruptcy in the long run. It is not time-consistent. …