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June, 2014

SECURED CLAIMS IN BANKRUPTCY: PRELIMINARY OBSERVATIONS AND INITIAL INTUITIONS 2

A. Full Priority is Inconsistent with the General Principle Against Nonconsensual Subordination Because most firms entering bankruptcy are insolvent, there is generally insufficient value to pay every claim in full. An important purpose of the bankruptcy system is to determine …Continue reading →

SECURED CLAIMS IN BANKRUPTCY: PRELIMINARY OBSERVATIONS AND INITIAL INTUITIONS

There is a commonly held view, expressed by some participants at the Symposium, that full priority is required by freedom of contract and property rights considerations. Indeed, many people think of a “security interest” as a device that, by definition, …Continue reading →

SECURED CLAIMS IN BANKRUPTCY: INTRODUCTION 3

Parts Ш and IV further develop our claim that full priority can produce significant efficiency costs and respond in detail to criticisms of this claim. Part III focuses on the excessive use of security interests that results from full priority, …Continue reading →

SECURED CLAIMS IN BANKRUPTCY: INTRODUCTION 2

In writing this paper we have two aims. First, our analysis in The Uneasy Case has attracted various reactions from the contributors to this Symposium and others, and we wish to address the objections that have been raised. Second, we …Continue reading →

SECURED CLAIMS IN BANKRUPTCY: INTRODUCTION

A longstanding and basic principle of U.S. bankruptcy law is that a secured creditor is entitled to receive the entire amount of its secured claim—the portion of its bankruptcy claim that is backed by collateral—before any unsecured claims are paid. …Continue reading →

INTERTEMPORAL CHOICE AND THE CROSS-SECTIONAL VARIANCE OF MARGINAL UTILITY: Appendix

Seasonal adjustment In the FES and in the CEX consumption is observed at a frequency higher than annual. In the FES consumption refers to the two-week period over which the household is interviewed; in the CEX it measures the flow …Continue reading →

INTERTEMPORAL CHOICE AND THE CROSS-SECTIONAL VARIANCE OF MARGINAL UTILITY: Regression results 3

As we have repeatedly stressed, our test does not assume certainty equivalence. Rather, we are able to confront with the data a flexible representation of preferences, which allows for departures from certainty equivalence, dependence on family size, labor supply and …Continue reading →

INTERTEMPORAL CHOICE AND THE CROSS-SECTIONAL VARIANCE OF MARGINAL UTILITY: Regression results 2

In Table 4 we compute marginal utility using the specification blue-collar workers, heads out of employment, full-time working spouse, and more than two income recipients. This specification of the instantaneous utility function has been estimated by Attanasio and Weber (1993, …Continue reading →

INTERTEMPORAL CHOICE AND THE CROSS-SECTIONAL VARIANCE OF MARGINAL UTILITY: Regression results

We regress the variance of log consumption on its own lag (see equation 9) for the three countries for which we have data. Table 2 reports the point estimates, the standard errors and the p-value of a test that the …Continue reading →

INTERTEMPORAL CHOICE AND THE CROSS-SECTIONAL VARIANCE OF MARGINAL UTILITY: Cohort definition and descriptive analysis 3

The last set of figures summarizes the age effect in the cross-sectional variance according to the different measures of marginal utility available in each of the three countries. The age effect is obtained by regressing the cross-sectional variance against a …Continue reading →

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