The Efficient Allocation of Consumption under Moral Hazard and Hidden Access to the Credit Market
描述了在道德风险和隐性借贷环境下最优消费配置的性质，讨论了其与永久收入模型、完全市场及标准道德风险模型的区别，对研究保险、信贷和消费的学者有参考价值。
In this paper, we describe the properties of the optimal allocation of consumption in a world with moral hazard and hidden borrowng and lending. We discuss how and under what conditions the efficient allocation can be distinguished from that of the permanent income (self-insurance) model. We also compare our allocation with the complete markets (full information) case, and with the standard moral hazard model with monitorable and fully contractible asset holdings.