Browsing by Author "Pascoa, Mario Rui"
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Bancruptcy in a model of unsecured claims
Araújo, Aloísio Pessoa de; Pascoa, Mario Rui
200210We study a two periods model of incomplete markets with nominal assets unsecured by collateral, where agents can go bankrupt but there are no bankruptcy penalties entering directly in the utility function. We address two ... 
Bounded rationality, default and borrowing constraints
MartinsdaRocha, Victor Filipe; Daher, Wassim; Pascoa, Mario Rui; Vailakis, Yiannis
20060901 
Bubbles, collateral and monetary equilibrium
TorresMartínez, Juan Pablo; Araújo, Aloísio Pessoa de; Pascoa, Mario Rui
20060401Consider an economy where infinitelived agents trade assets collateralized by durable goods. We obtain results that rule out bubbles when the additional endowments of durable goods are uniformly bounded away from zero, ... 
Collateral avoids Ponzi schemes in incomplete markets
Pascoa, Mario Rui; Araújo, Aloísio Pessoa de; TorresMartínez, Juan Pablo
20010501Without introducing neither debt constraints nor transversality conditions to avoid the possibility of Ponzi schemes, we show existence of equilibrium in an incomplete markets economy with a collateral structure. 
Determinacy of equilibria in nonsmooth economies
Pascoa, Mario Rui; Werlang, Sérgio Ribeiro da Costa
199911Concavifiable preferences are representable by a function which is twice differentiable almost everywhere, by theorem of Alexandroff [Alexandroff, A.D., 1939. Almost Everywhere Existence of Second Differentials of Convex ... 
Endogenous collateral
Pascoa, Mario Rui; Araújo, Aloísio Pessoa de; Barbachan, José Santiago Fajardo
20031104We study an economy where there are two types of assets. Consumers’ promises are the primitive defaultable assets secured by collateral chosen by the consumers themselves. The purchase of these personalized assets by ... 
Endogenous collateral: arbitrage and equilibrium without bounded short sales
Pascoa, Mario Rui; Araújo, Aloísio Pessoa de; Barbachan, José Santiago Fajardo
20010501We study the implications of the absence of arbitrage in an two period economy where default is allowed and assets are secured by collateral choosen by the borrowers. We show that non arbitrage sale prices of assets are ... 
Equilibrium with default and endogenous collateral
Araújo, Aloísio Pessoa de; Orrillo, J.; Pascoa, Mario Rui
200001We study a twoperiod general equilibrium model with incomplete asset markets and default. We make collateral endogenous by allowing each seller of assets to fix the level of collateral. Sellers are required to provide ... 
General equilibrium, wariness and efficient bubbles
Araújo, Aloísio Pessoa de; Novinski, Rodrigo; Pascoa, Mario Rui
201105Wary consumers overlook gains but not losses in remote sets of dates or states. As preferences are upper but not lower Mackey semicontinuous, Bewley's (1972) [4] result on existence of equilibrium whose prices are not ... 
Incomplete markets, continuum of states and default
Araújo, Aloísio Pessoa de; Monteiro, P. K.; Pascoa, Mario Rui
199801We show that when bankruptcy, subject to penalties, is allowed, it is possible to prove the existence of equilibrium in a model with a continuum of states without imposing any assumptions on expost endowments. 
Infinite horizon incomplete markets with a continuum of states
Araújo, Aloísio Pessoa de; Monteiro, P. K.; Pascoa, Mario Rui
1996In this paper we address existence of equilibria in an incomplete markets economy with countably many periods and a continuum of states at each node of the infinite tree. We consider two models: one where agents have to ... 
Local concavifiability of preferences and determinacy of equilibrium
Pascoa, Mario Rui; Werlang, Sérgio Ribeiro da Costa
199105In this paper we consider strictly convex monotone continuous complete preorderings on R+n that are locally representable by a concave utility function. By Alexandroff 's (1939) theorem, this function is twice dífferentiable ... 
Longlived collateralized assets and bubbles
Araújo, Aloísio Pessoa de; Pascoa, Mario Rui; TorresMartinez, Juan Pablo
201105When infinitelived agents trade longlived assets secured by durable goods, equilibrium exists without any additional debt constraints or uniform impatience conditions on agents' characteristics. Also, price bubbles are ... 
On the differentiability of the consumer demand function
Monteiro, P. K.; Pascoa, Mario Rui; Werlang, Sérgio Ribeiro da Costa
199305For strictly quasi concave differentiable utility functions, demand is shown to be differentiable almost everywhere if marginal utilities are pointwise Lipschitzian. For concave utility functions, demand is differentiable ...