Asset trading resolves coordination problems in most currently existing models of coordination failure. We argue that a principal limitation of these models is their ignoring idiosyncratic and aggregate uncertainty in investment returns. We introduce such uncertainty in a standard model of investment coordination while simultaneously closing down all other avenues leading to coordination failures.
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Paper provided by Notre-Dame de la Paix, Sciences Economiques et Sociales in its series Papers with number
190.
Length: 27 pages Date of creation: 1997 Date of revision: Handle: RePEc:fth:nodapa:190
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