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How to spend 750 billion euro? Applying sacrifice theory to determine Covid-19 compensations in the EU

Author

Listed:
  • Alfred Greiner

    (Bielefeld University)

  • Benjamin K Owusu

    (Bielefeld University)

Abstract

In this note we consider an economic union consisting of sovereign national states. An asymmetric shock hits the union and as a result it decides to set up a fund in order to compensate the countries in the union. We show how sacriï¬ ce theory can be used to determine the compensation payments for the countries in a way such that the relative damages after compensation are equal across countries. Finally, we apply our results to determine the Covid-19 compensation payments in the EU

Suggested Citation

  • Alfred Greiner & Benjamin K Owusu, 2020. "How to spend 750 billion euro? Applying sacrifice theory to determine Covid-19 compensations in the EU," Economics Bulletin, AccessEcon, vol. 40(3), pages 2457-2470.
  • Handle: RePEc:ebl:ecbull:eb-20-00593
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    File URL: http://www.accessecon.com/Pubs/EB/2020/Volume40/EB-20-V40-I3-P215.pdf
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    Citations

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    Cited by:

    1. Vítor João Pereira Domingues Martinho, 2021. "Impact of Covid‐19 on the convergence of GDP per capita in OECD countries," Regional Science Policy & Practice, Wiley Blackwell, vol. 13(S1), pages 55-72, November.

    More about this item

    Keywords

    Public transfers; sacriï¬ ce theory; economic union;
    All these keywords.

    JEL classification:

    • H1 - Public Economics - - Structure and Scope of Government
    • H8 - Public Economics - - Miscellaneous Issues

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