Does risk sharing increase with risk aversion and risk when commitment is limited?
نویسندگان
چکیده
منابع مشابه
Private Information, Limited Commitment, and Risk Sharing∗
We consider an exchange economy with a continuum of agents, each of whom is subject to idiosyncratic endowment shocks. We study efficient allocations subject to two constraints: limited enforcement of financial contracts, and private information about the predictable component of the future endowment process. In our economy the immiseration result, common in this literature, does not hold, and ...
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ژورنال
عنوان ژورنال: Journal of Economic Dynamics and Control
سال: 2014
ISSN: 0165-1889
DOI: 10.1016/j.jedc.2014.06.013