Equilibrium Models of Personal Bankruptcy: A Survey

26 Pages Posted: 6 Dec 2012

See all articles by Kartik Athreya

Kartik Athreya

Federal Reserve Banks - Federal Reserve Bank of Richmond

Date Written: 2005

Abstract

A comparison of models and results from selected papers on personal bankruptcy establishes how particular modeling assumptions matter for the implications of bankruptcy. For example, it can be argued that only under income processes that allow for large shocks to net worth can bankruptcy play a role in improving welfare. However, despite the progress evident from the work so far, questions remain, the resolution of which is critical to forming a definitive view of the role for personal default.

Suggested Citation

Athreya, Kartik, Equilibrium Models of Personal Bankruptcy: A Survey (2005). FRB Richmond Economic Quarterly, vol. 91, no. 2, Spring 2005, pp. 73-98, Available at SSRN: https://ssrn.com/abstract=2185579

Kartik Athreya (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of Richmond ( email )

P.O. Box 27622
Richmond, VA 23261
United States

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