Why is there debt
论文解释为何贷款偿还协议大多非或然，而标准理论预测应为高度或然，基于不完全信息和抵押品提出解释，暗示所有债务合同可能隐含抵押。
Most loan repayment agreements are largely noncontingent, and yet standard economic theory predicts that they should be highly contingent. An explanation is offered that relies on imperfect information and collateral. The theory suggests that perhaps all debt contracts are implicitly collateralized.