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Thesis

Loans, bequests and taxes where abilities differ : a theoretical analysis using a two-ability model

Abstract:

Three problems that are associated with differences in abilities are investigated using a model with two ability groups.

The first concerns the capital market. With differing abilities which cannot be identified, lenders are unable to predict borrowers' outputs and hence whether they will default or not. The penalty for default is assumed to be that borrowers are in future unable to obtain loans. To enforce contracts it is therefore necessary for the current payment to be less than ...

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Peer review status:
Peer Reviewed

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Department:
University of Oxford
This thesis was digitised thanks to the generosity of Dr Leonard Polonsky More from this funder
Publication date:
1980
Type of award:
DPhil
Level of award:
Doctoral
Awarding institution:
University of Oxford
Local pid:
polonsky:4:14

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