| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14333 |
| DP14333 Social Capital: A Double-Edged Sword | |
| Dirk Krueger; Harold Cole; George J. Mailath; Yena Park | |
| 发表日期 | 2020-01-20 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We analyze efficient risk-sharing arrangements when coalitions may deviate. Coalitions form to insure against idiosyncratic income risk. Self-enforcing contracts for both the original coalition and any deviating coalition rely on a belief in future cooperation which we term "social capital''. We treat the contracting conditions of original and deviating coalitions symmetrically and show that higher social capital tightens incentive constraints since it facilitates both the formation of the original as well as a deviating coalition. As a consequence, although social capital facilitates the initial formation of coalitions, the extent of risk sharing in successfully formed coalitions is declining in the extent of social capital and equilibrium allocations might feature resource burning or utility burning: social capital is indeed a double-edged sword. |
| 主题 | International Macroeconomics and Finance ; Macroeconomics and Growth ; Monetary Economics and Fluctuations ; Public Economics |
| 关键词 | Coalitions Risk sharing Limited commitment |
| URL | https://cepr.org/publications/dp14333-0 |
| 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/543224 |
| 推荐引用方式 GB/T 7714 | Dirk Krueger,Harold Cole,George J. Mailath,et al. DP14333 Social Capital: A Double-Edged Sword. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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