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Voting over informal risk-sharing rules

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  • Ambec, S.

Abstract

People vote over risk-sharing rules to cope with random revenues. Risk-sharing rules are enforced through peer pressure : those who comply exert a negative externality on those who do not. People are differently affected by this externality. The author determines the elected risk-sharing rules and the level of compliance. It turns out that full risk-sharing is achieved only if everybody complies. Partial risk-sharing is more often achieved with, sometime, some level of non-compliance. In many cases, a majority of people votes over and complies with the risk-sharing rule that maximizes their own expected payoff.

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File URL: http://www.grenoble.inra.fr/Docs/pub/A2005/gael2005-09.pdf
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Bibliographic Info

Paper provided by Grenoble Applied Economics Laboratory (GAEL) in its series Working Papers with number 200509.

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Date of creation: 2005
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Handle: RePEc:gbl:wpaper:200509

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Related research

Keywords: RISK SHARING; MUTUAL INSURANCE; ENFORCEMENT; PEER PRESSURE; POLITICAL ECONOMY;

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  1. Abigail Barr, 2001. "Social dilemmas and shame-based sanctions: experimental results from rural Zimbabwe," CSAE Working Paper Series 2001-11, Centre for the Study of African Economies, University of Oxford.
  2. George A. Akerlof, 1978. "A theory of social custom, of which unemployment may be one consequence," Special Studies Papers 118, Board of Governors of the Federal Reserve System (U.S.).
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