caa a22 4500 605475709 CHVBK 20210128100353.0 cr unu---uuuuu 210128e20150201xx s 000 0 eng 10.1007/s00199-014-0840-0 doi (NATIONALLICENCE)springer-10.1007/s00199-014-0840-0 Araujo Aloisio IMPA, Estrada Dona Castorina, 110, CEP 22460-320, Rio de Janeiro, Brazil aut General equilibrium, preferences and financial institutions after the crisis [Elektronische Daten] [Aloisio Araujo] The study is a review of some recent papers in general equilibrium that can be viewed as efforts to better understand the recent financial crisis. We begin by proposing a new set of preferences inspired by the new decision theoretical literature. In our main example, we use the concept of wariness which captures the idea of agents concerned with the worst case scenario. As a consequence, utility functions are weighted sums of a term with discounted future and another which concentrates in the worst period consumption. In this new context, we can have bubbles in a purely classical framework. In the second part of the paper, we change the classical budget set to allow for lack of commitment for the part of the agent. We analyze three different situations where this can happen. In the first one, agents can borrow only with collateral, represented by a durable good. In the second, we study bankruptcy laws where the whole firm is used as collateral, and in the third situation, the agents are punished by exclusion from the market. These three situations have the virtue of being real life based. Springer-Verlag Berlin Heidelberg, 2014 General equilibrium nationallicence Financial crisis nationallicence Preferences nationallicence Wariness nationallicence Institutions nationallicence Collateral nationallicence Economic Theory Springer Berlin Heidelberg 58/2(2015-02-01), 217-254 0938-2259 58:2<217 2015 58 199 https://doi.org/10.1007/s00199-014-0840-0 text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s00199-014-0840-0 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Araujo Aloisio IMPA, Estrada Dona Castorina, 110, CEP 22460-320, Rio de Janeiro, Brazil aut NATIONALLICENCE 773 0- Economic Theory Springer Berlin Heidelberg 58/2(2015-02-01), 217-254 0938-2259 58:2<217 2015 58 199