; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "How Good are Standard Debt Contracts? Stochastic Versus Nonstochastic Monitoring in a Costly State Verification Environment"; ; "batchuser@example.com"; "Smith, Bruce D. (Bruce David), 1954-2002", "Boyd, John H."; "Federal Reserve Bank of Minneapolis"; "Ex ante contract", "Optimal contract", "CSV", "Contracts", "Bankruptcy", "CESV", "Costly state verification", "Loans", "Financial contract", "Standard debt contract", "Costly ex-post state verification", "Debt"; "G10 - General Financial Markets: General (includes Measurement and Data)", "D86 - Economics of Contract: Theory"; "We investigate ex-ante efficient contracts in an environment in which implementation is costless. In this environment, standard debt contracts will typically not be optimal. Optimal contracts may involve defaults, even in states in which the borrower is fully able to repay. We then examine the welfare costs of arbitrarily restricting the set of feasible contracts to standard debt contracts. When model parameters are calibrated to realistic values, the welfare loss from exogenously imposing this restriction is extremely small. Thus, if the implementation costs are actually nontrivial (as seems likely), standard debt contracts will be (very close to) optimal."^^; "The welfare costs of absolute priority rules : stochastic versus nonstochastic monitoring in a costly state verification environment / John H. Boyd, Bruce D. Smith."; "1993-12"; "2018-03-13T20:08:21.007330249+00:00"^^; "https://doi.org/10.21034/wp.512"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2019-09-04T15:57:37.44120587+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "96", "735"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "512"; "Ex ante contract", "Contracts", "Costly ex-post state verification", "Debt", "CESV", "Bankruptcy", "CSV", "Costly state verification", "Loans", "Financial contract", "Standard debt contract", "Optimal contract"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in: _The Journal of Business_ (Vol. 67, No. 4, October 1994, pp. 539-561), https://doi.org/10.1086/296646."^^; ; "Publication" . ; .