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The optimal bankruptcy rule in a trading economy using fiat money

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This work relates to Department of the Navy Contract N00014-76-C0085 issued by the Office of Naval Research under Contract Authority NR 047-007. However, the content does not necessarily reflect the position or the policy of the Department of the Navy or the Government, and no official endorsement should be inferred.

The United States Government has at least a royalty-free, nonexclusive and irrevocable license throughout the world for Government purposes to publish, translate, reproduce, deliver, perform, dispose of, and to authorize others so to do, all or any portion of this work.

The authors wish to thank Pradeep Dubey and Donald Brown for helpful conversations. This work builds not only on one of the author's previous work but on joint work with Shapley, Dubey, Whitt and Evers.

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Shubik, M., Wilson, C. The optimal bankruptcy rule in a trading economy using fiat money. Zeitschr. f. Nationalökonomie 37, 337–354 (1977). https://doi.org/10.1007/BF01291378

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