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Essays on banking theory

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Figure 1.2 represents the effect of wariness on the decision to wait. The continuous red line represents the utility to consume at t = 1 when everyone else is running while the continuous black line represents the agent who chooses to wait until t = 2 to c
Figure 2.3 illustrates the fact that wariness imposes a more illiquid contract. The first-date payment (blue line) decreases while second-date payment (green line) and the payment on the worst event (red line) increases
Figure 2.4 illustrates the wariness effect on optimal payment contract. Since first-date payment (blue line) is equal to worst event payment (red line), the planner must increase c 1 in order to increase the payment in the worst event

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