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Risk pooling in redistributive agreements

  • Bos, O
  • P. Schweinzer

We study redistributive agreements designed collectively by individual and independent states for the joint supply of a public good. We specifically model the case of international environmental agreements but our analysis should be equally applicable to other multinational arrangements with redistributive aspects. The basic intuition of the investigated class of mechanisms is that, if part of member GDP is redistributed, then the redistributive resource has lower variance than individual income: a side effect of redistribution is risk-sharing. If, in addition, the sum of contributed parts of individual GDP forms a contest prize pool which returns the contributions as prizes to the participants depending on a relative ranking of public good provision levels, then the mechanism can also implement efficient efforts.

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File URL: http://www.york.ac.uk/media/economics/documents/discussionpapers/2012/1217.pdf
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Paper provided by Department of Economics, University of York in its series Discussion Papers with number 12/17.

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Date of creation: Jul 2012
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Handle: RePEc:yor:yorken:12/17
Contact details of provider: Postal: Department of Economics and Related Studies, University of York, York, YO10 5DD, United Kingdom
Phone: (0)1904 323776
Fax: (0)1904 323759
Web page: http://www.york.ac.uk/economics/
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  1. Effrosyni Diamantoudi & Eftichios S. Sartzetakis, 2001. "Stable International Environmental Agreements: An Analytical Approach," Working Papers 04001, Concordia University, Department of Economics, revised Feb 2003.
  2. James Banks & Richard Blundell & Agar Brugiavini, 1999. "Risk pooling, precautionary saving and consumption growth," IFS Working Papers W99/19, Institute for Fiscal Studies.
  3. Wildasin, David E, 1995. " Factor Mobility, Risk and Redistribution in the Welfare State," Scandinavian Journal of Economics, Wiley Blackwell, vol. 97(4), pages 527-46, December.
  4. Maria Arbatskaya & Hugo Mialon, 2005. "Two-activity Contests," Emory Economics 0527, Department of Economics, Emory University (Atlanta).
  5. BĂ©atrice Roussillon & Paul Schweinzer, 2010. "Efficient emissions reduction," The School of Economics Discussion Paper Series 1004, Economics, The University of Manchester.
  6. Clark, Derek J. & Konrad, Kai A., 2007. "Contests with multi-tasking," Munich Reprints in Economics 22095, University of Munich, Department of Economics.
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