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Ambiguity Aversion and the Absence of Indexed Debt

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Author Info
Mokerji, S.
Tallon, J.M.

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Abstract

Inspite of wide and lond-standing support among economists for indexation of loan contracts there has been relatively little use of indexation, except in situations of extremely high inflation. The object of this paper is to provide a (theoretical) explanation for this puzzling phenomenon based on the hypothesis that economic agents are ambiguity averse.

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Publisher Info
Paper provided by Université Panthéon-Sorbonne (Paris 1) in its series Papiers d'Economie Mathématique et Applications with number 2000.53.

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Length: 27 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:fth:pariem:2000.53

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Postal: France; Universite de Paris I - Pantheon- Sorbonne, 12 Place de Pantheon-75005 Paris, France
Web page: http://cermsem.univ-paris1.fr/
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Related research
Keywords: DEBT ; INFLATION;

Other versions of this item:

Find related papers by JEL classification:
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

Cited by:
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  1. Sujoy Mukerji & Jean-Marc Tallon, 2002. "Ambiguity Aversion and the Absence of Wage Indexation," Economics Series Working Papers 111, University of Oxford, Department of Economics. [Downloadable!]
    Other versions:
  2. Martin Cincibuch & Martina Hornikova, 2007. "Measuring the Financial Markets' Perception of EMU Enlargement: The Role of Ambiguity Aversion," Working Papers 2007/13, Czech National Bank, Research Department. [Downloadable!]
    Other versions:
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This page was last updated on 2009-11-20.

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