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Diamond (1989) - Reputation Acquisition In Debt Markets (view source)
Revision as of 18:27, 29 April 2010
, 18:27, 29 April 2010→The Model
Utilities of the borrowers are based on their consumption, <math>c\,</math>, and a discount factor, <math>\beta\,</math>.
:<math>U(\widetildetilde{c})=\sum_{t=1}^{T}\beta ^{t}\mathbb{E}[\widetildetilde{c}_{t}]\,</math>
