Ambiguity Aversion and the Absence of Indexed Debt
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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|Date of creation:||2000|
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