• Production, Hidden Action, and the Payment System 

    Gu, Chao; Guzman, Mark G.; Haslag, Joseph H. (Department of Economics, 2010-03)
    In this paper, we study a model economy that can account for the distribution of payments within a day. In our model, debtors choose when to arrive at the settlement location. Concomitant with choosing their arrival, debtors ...