This turns out to be a review paper by the same authors which only mentions the model I wanted to criticise. It's unlikely that one of the original papers will

This turns out to be a review paper by the same authors which only mentions the model I wanted to criticise. It's unlikely that one of the original papers will ever turn up on HN though! I was surprised to see this. As I recall they began by adopting a structural model for debt valuation that assumes no dependence on any external assets other than the debtor's. Then they reintroduce full n-dimensional dependence through a different mechanism they made up to try and force the 1-dimensional solutions into a state of consistency. It's a bit of a mess. Actually you're right. The presence of multiple solutions is not in itself enough to make me hate the model. The analogy relating different economic regimes to different phases of matter is potentially a good one.