When a government cannot commit to future policies, investors face the risk of opportunistic behavior in addition to uncertain market conditions. We show that although reducing market uncertainty is sometimes essential for investment, it may aggravate problems of opportunism.
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Length: 26 pages Date of creation: 1999 Date of revision: Handle: RePEc:fth:bereco:201
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Find related papers by JEL classification: D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
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Johannes Münster, 2006.
"Contests with Investment,"
Discussion Papers
120, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
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