| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 5098551 | Journal of Economic Dynamics and Control | 2014 | 8 Pages |
Abstract
This paper characterizes the direct mechanism which implements the constrained optimal outcome in a version of Diamond and Dybvig (1983) with aggregate uncertainty and a continuum of agents. Using this result, numerical examples where the best direct mechanism has a bank-run-equilibrium are easily obtained.
Keywords
Related Topics
Physical Sciences and Engineering
Mathematics
Control and Optimization
Authors
Bruno Sultanum,