Collateral Avoids Ponzi Schemes in Incomplete Markets
证明，在不引入债务约束或横截性条件的情况下，仅靠抵押品结构就能确保无限期不完全市场经济中均衡的存在，从而避免庞氏骗局。
Without introducing either debt constraints or transversality conditions to avoid the possibility of Ponzi schemes, we show the existence of equilibrium in an infinite horizon incomplete markets economy with a collateral structure.