When can we do better than autarky?
This paper provides a necessary and sufficient condition for the existence of nonautarkic contract in a risk sharing model with two-sided lack of commitment. Verifying the condition takes just one Guassian elimination of a matrix.
|Date of creation:||Jan 2013|
|Date of revision:||Feb 2013|
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Web page: https://mpra.ub.uni-muenchen.de
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"International Business Cycles with Endogenous Incomplete Markets,"
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- Chattopadhyay, Subir, 2001. "The unit root property and optimality: a simple proof," Journal of Mathematical Economics, Elsevier, vol. 36(2), pages 151-159, November.
- Krueger, Dirk & Perri, Fabrizio, 2010.
"Public versus Private Risk Sharing,"
CEPR Discussion Papers
7625, C.E.P.R. Discussion Papers.
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