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Two players are engaged in a game of Chicken. There are two possible strategies, Swerve and Drive Straight. A player who chooses to Swerve is called Chicken and gets a payoff of zero, regardless of what the other player does. A player who chooses to Drive Straight gets a payoff of 36 if the other player swerves and a payoff of -36 if the other player also chooses to Drive Straight. This game has two pure strategy equilibria and
Discharged Debts
Debts that have been forgiven or eliminated, usually through bankruptcy proceedings, and are no longer legally enforceable.
Repay
To return money that was borrowed, often including interest in the case of loans or credit.
Purchase Money Security Interest
A purchase money security interest is a particular type of security interest that enables creditors to have a claim over assets that were acquired with the funds provided by the creditor.
Negative Equity
Occurs when the value of an asset falls below the outstanding balance on the loan used to purchase that asset.
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