Earlier versions of this paper have been circulated under the title, “When Optimists Need Credit: Asymmetric Disciplining of Optimism and Implications for Asset Prices.” I am grateful to my advisor, Daron Acemoglu, for invaluable guidance and numerous suggestions that significantly improved the paper. I thank Aytek Erdil, Sam Kruger, Muhamet Yildiz, three anonymous referees, and the editor for numerous helpful comments. I also thank Marios Angeletos, Roland Benabou, Ricardo Caballero, Melissa Dell, Emmanuel Farhi, Guido Lorenzoni, Ivan Werning, and the seminar participants at the University of California-Berkeley, Brown University, the University of Chicago, Chicago Fed, Columbia University, Duke University, the European University Institute, Harvard University, IMF, MIT, New York University, Northwestern University, the University of Pennsylvania, Princeton University, Stanford University, Toulouse University, the University of Warwick, Yale University for helpful comments. All remaining errors are mine.
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Belief Disagreements and Collateral Constraints
Article first published online: 24 JAN 2013
DOI: 10.3982/ECTA9956
© 2013 The Econometric Society
Additional Information
How to Cite
Simsek, A. (2013), Belief Disagreements and Collateral Constraints. Econometrica, 81: 1–53. doi: 10.3982/ECTA9956
- †
Earlier versions of this paper have been circulated under the title, “When Optimists Need Credit: Asymmetric Disciplining of Optimism and Implications for Asset Prices.” I am grateful to my advisor, Daron Acemoglu, for invaluable guidance and numerous suggestions that significantly improved the paper. I thank Aytek Erdil, Sam Kruger, Muhamet Yildiz, three anonymous referees, and the editor for numerous helpful comments. I also thank Marios Angeletos, Roland Benabou, Ricardo Caballero, Melissa Dell, Emmanuel Farhi, Guido Lorenzoni, Ivan Werning, and the seminar participants at the University of California-Berkeley, Brown University, the University of Chicago, Chicago Fed, Columbia University, Duke University, the European University Institute, Harvard University, IMF, MIT, New York University, Northwestern University, the University of Pennsylvania, Princeton University, Stanford University, Toulouse University, the University of Warwick, Yale University for helpful comments. All remaining errors are mine.
Publication History
- Issue published online: 21 JAN 2013
- Article first published online: 24 JAN 2013
- Manuscript received April, 2011; final revision received July, 2012.
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