Enforcement with Costly Group Formation
AbstractThe joint liability literature claims that positive assortative matching, or risk homogeneity, is always the first best solution. We examine this claim in presence of group formation costs and find that the assertion is not always true.
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Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 15 (2005)
Issue (Month): 9 ()
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Group Formation Costs;
Find related papers by JEL classification:
- O1 - Economic Development, Technological Change, and Growth - - Economic Development
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
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