Efficiency and the Role of Default When Security Markets Are Incomplete
论证违约在经济中具有重要的积极作用：当市场不完全时，违约使交易者能够签订高概率执行而非必然执行的合约，从而促进效率，这是开设新市场无法实现的。
This paper argues that default plays an important positive role in the economy. If markets are incomplete and traders are only able to enter into contracts that they will be able to execute regardless of future events, contingent contracting may be severely restricted. Moreover, opening new markets may not relieve these restrictions. Default promotes efficiency in a way that opening new markets does not by making it possible for traders to enter into contracts that they will be able to execute with high probability but not with certainty. Copyright 1993 by American Economic Association.