| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3259 |
| DP3259 Trade Openness and Investment Instability | |
| Assaf Razin; Efraim Sadka; Tarek Coury | |
| 发表日期 | 2002-03-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | We develop a model of unforeseen contingencies. These are contingencies that are understood by economic agents ? their consequences and probabilities are known ? but are such that every description of such events necessarily leaves out relevant features that have a non-negligible impact on the parties? expected utilities. Using a simple co-insurance problem as a backdrop, we introduce a model where states are described in terms of objective features, and the description of an event specifies a finite number of such features. In this setting, unforeseen contingencies are present in the co-insurance problem when the first-best risk-sharing contract varies with the states of nature in a complex way that makes it highly sensitive to the component features of the states. In this environment, although agents can compute expected pay-offs, they are unable to include in any ex-ante agreement a description of the relevant contingencies that captures (even approximately) the relevant complexity of the risky environment. |
| 主题 | Industrial Organization |
| 关键词 | Unforeseen contingencies Incomplete contracts Finite invariance Fine variability |
| URL | https://cepr.org/publications/dp3259 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532286 |
| 推荐引用方式 GB/T 7714 | Assaf Razin,Efraim Sadka,Tarek Coury. DP3259 Trade Openness and Investment Instability. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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