A Theory of Debt Based on the Inalienability of Human Capital
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Consider an entrepreneur who needs to raise funds from an investor, but cannot commit not to withdraw his human capital from the project. The possibility of a default or quit puts an upper bound on the total future indebtedness from the entrepreneur to the investor at any date. We characterize the
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美国国家经济研究局创建时间：
1991-11-01
