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By Takasi Komatsubara and Takasi Komatubara


This paper characterizes the effectiveness of illiquid securities as a commitment device. That is, it derives a condition under which illiquid securities enable a consumer who has time-inconsistent preferences to commit himself to his future consumption choices. By this analysis, it is shown that the value of his initial endowment is important for illiquid securities to work as a commitment device

Year: 2004
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