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MORAL HAZARD AND THE OPTIMALITY OF DEBT BENJAMIN HÉBERT, HARVARD UNIVERSITY This version: A BSTRACT. Why are debt securities so common? I show that debt securities minimize the welfare losses from the moral haza
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Document Date: 2015-05-27 09:08:04
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MORAL HAZARD AND THE OPTIMALITY OF DEBT BENJAMIN HÉBERT, HARVARD UNIVERSITY This version: A BSTRACT. Why are debt securities so common? I show that debt securities minimize the welfare losses from the moral haza