Titlebook: Crisis, Debt, and Default; The Effects of Time Philip Ernstberger Book 2016 Springer Fachmedien Wiesbaden 2016 Global Games.Ratings.Curren

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Holger Schüttrumpf,Lothar KirschbauerUniqueness requires that the slope of the right hand side of the equilibrium equation (7) in the direction of θc is higher than the slope of the bisector on the left hand side

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AppendixAssuming exponential utility u (θ) = ?exp (?χθ), where χ is the risk aversion parameterwe derive the value function for expansion policy and defense at A = D:

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AppendixUniqueness requires that the slope of the right hand side of the equilibrium equation (7) in the direction of θc is higher than the slope of the bisector on the left hand side

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