Phân tích tư tưởng của nhân dân qua đoạn thơ: Những người vợ nhớ chồng… Những cuộc đời đã hóa sông núi ta trong Đất nước của Nguyễn Khoa Điềm
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Consistent with real-life credit-card and subprime mortgage
contracts but (we argue) inconsistent with natural specifications of rational time-consistent
theories, in the competitive equilibrium of our model firms offer seemingly cheap credit to be
repaid quickly, but introduce large penalties for falling behind this front-loaded repayment schedule.
The contracts are designed so that borrowers who underestimate their taste for immediate
gratification both pay the penalties and repay in an ex ante suboptimal back-loaded manner
more often than they predict or prefer. To make matters worse, the same misprediction leads
nonsophisticated consumers to underestimate the cost of credit and borrow too much—despite
borrowing being for future consumption....
Nội dung trích xuất từ tài liệu:
COUNTERPARTY RISK FOR CREDIT DEFAULT SWAPS
