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At the Movies: Risk Sharing and the Economics of Exhibition Contracts

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Author Info

  • Darren Filson

    (Claremont Graduate University)

  • Fernando Fabre

    (Universidad Anahuac del Sur)

  • Alfredo Nava

    (Universidad Anahuac del Sur)

  • Paola Rodriguez

    (Universidad Anahuac del Sur)

Abstract

The current literature on sharing contracts emphasizes the importance of asymmetric information and typically assumes that one party is risk neutral while the other is risk averse. This paper describes a real-world contract that is widely used - the movie exhibition contract - and argues that asymmetric information is not the main feature of the environment that leads to sharing. The explanation that fits the facts better is simply that distributors and exhibitors are both risk averse. The analysis suggests that two-sided risk aversion is important in determining contracts.

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File URL: http://www.claremontmckenna.edu/rdschool/papers/2001-01.pdf
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Bibliographic Info

Paper provided by Claremont Colleges in its series Claremont Colleges Working Papers with number 2001-01.

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Date of creation: Jan 2001
Date of revision:
Handle: RePEc:clm:clmeco:2001-01

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Related research

Keywords: principal agent; licensing; entertainment; film; rental;

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Cited by:
  1. Darren Filson, 2003. "Dynamic Common Agency, Vertical Integration, and Investment: The Economics of Movie Distribution," Claremont Colleges Working Papers 2003-07, Claremont Colleges.
  2. De Vany, Arthur S. & Walls, W. David, 2004. "Motion picture profit, the stable Paretian hypothesis, and the curse of the superstar," Journal of Economic Dynamics and Control, Elsevier, vol. 28(6), pages 1035-1057, March.

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