By Mathias Dewatripont, Lars Peter Hansen, Stephen J. Turnovsky
This is often the 3rd of 3 volumes containing edited types of papers and commentaries awarded in invited symposium periods of the 8th global Congress of the Econometric Society. The papers summarize and interpret contemporary key advancements and speak about destiny instructions in a variety of subject matters in economics and econometrics. The papers conceal either idea and purposes. Written by way of best experts of their fields those volumes supply a special survey of development within the self-discipline.
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Additional resources for Advances in Economics and Econometrics: Theory and Applications, Eighth World Congress, Volume III (Econometric Society Monographs)
Very low levels of default may be optimal even when monitoring is quite costly, though it is never optimal to have less default than in the social optimum. This is important because it tells us that it is often optimal to aim for very low default rates even at the cost of lots of costly monitoring and high interest rates. 30 28 29 30 For example, C p is negative whenever E( p) takes the form Ap β , with A > 0 and β ∈ (0, 1). Of course, this is conditional on the loan contract being viable, which is not the case when monitoring is too costly.
These assumptions together deﬁne a simple dynamic process that maps Wt , the wealth of an individual from the current generation (which is equal to the bequest he received), into the wealth of his child, Wt+1 . The exact shape of this map will depend on what we assume about technology, which is what we turn to now. First consider the case in which both the production technology and the monitoring technology are fully linear. In this case we know that the optimal leverage ratio, the optimal level of monitoring, and the optimal choice of p are all independent of the investor’s wealth.
Nonconvexities in production are certainly very plausible. 48 In the case where the good being produced is a usable education, there are several potential sources of nonconvexities: Learning the letters of the alphabet is probably useful only when it translates into the ability to read simple sentences. For this reason, the ﬁrst few years of education may not generate any returns, unless instruction is continued further. S. data: The ﬁrst ﬁve years of education have no direct return. In the United States, of course, very few people plan to get less than ﬁve years of education, but for some developing countries this may be an important nonconvexity.
Advances in Economics and Econometrics: Theory and Applications, Eighth World Congress, Volume III (Econometric Society Monographs) by Mathias Dewatripont, Lars Peter Hansen, Stephen J. Turnovsky