4 papers
Bank Run Exposure in a Paycheck-to-Paycheck Economy with Loss-Averse Depositors
G. Charles-Cadogan
We develop a behavioural model of bank run exposure in a paycheck-to-paycheck economy with loss averse depositors. Income is received through demand deposits, and consumption ratch…
Delegated Monitoring in Public-Private Sector Credit Programs: Underinvestment, Overinvestment, and the Design of Subsidized Lending
G. Charles-Cadogan
This paper studies public-private partnerships that delegate access-to-credit programs to private equity and venture-capital intermediaries. The public sector seeks to relax credit…
Reference Dependence and the Structure of the WTA/WTP Gap
G. Charles-Cadogan
This paper studies the willingness-to-accept/willingness-to-pay (WTA-WTP) gap under objective probabilities. Preferences over finite lotteries satisfy completeness, transitivity, c…
A Theory of Reference-Dependent Utility
G. Charles-Cadogan
This paper characterizes a class of twice continuously differentiable objective-probability preference representations exhibiting endogenous reference dependence under risk. Weak r…