The American Economic Review, Volume 95

agent aggregate asset assume assumption Atlantic auction average bank beliefs capital cash changes choice choose condition consider constraint consumption contract costs countries cycle demand depends discussion Economic effect equal equation equilibrium estimates evidence example exists expected experiment export Figure firm flows function given groups growth higher holds implies important incentive income increase indicates individual interest investment Italy Journal less loans lower marginal match measure ment Note observed offers optimal panel payoff percent period play political positive possible preferences probability problem production profits Proposition ratio reduce relative reported Review rule securities share shocks significant standard strategic subjects Table teams theory tion trade United University utility variable voting wage weight workers