Growth and risk-sharing with private information
نویسندگان
چکیده
منابع مشابه
Growth and Risk-Sharing with Private Information
We examine the impact of incomplete risk-sharing on growth and welfare. The source of market incompleteness in our economy is private information: a household’s idiosyncratic productivity shock is not observable by others. Risk-sharing between households occurs through long-term contracts with intermediaries. We ...nd that incomplete risk-sharing tends to reduce the rate of growth relative to t...
متن کاملPrivate Information, Limited Commitment, and Risk Sharing∗
We consider an exchange economy with a continuum of agents, each of whom is subject to idiosyncratic endowment shocks. We study efficient allocations subject to two constraints: limited enforcement of financial contracts, and private information about the predictable component of the future endowment process. In our economy the immiseration result, common in this literature, does not hold, and ...
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Can public income insurance through progressive income taxation improve the allocation of risk in an economy where private risk sharing is incomplete? The answer depends crucially on the fundamental friction that limits private risk sharing in the first place. If risk sharing is limited because insurance markets are missing for model-exogenous reasons (as in Bewley, 1986) publicly provided risk...
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There is a growing demand for sharing information across multiple autonomous and private databases. The problem is usually formulated as a secure multiparty computation problem where a set of parties wish to jointly compute a function of their private inputs such that the parties learn only the result of the function but nothing else. In this paper we analyze existing and potential solutions fo...
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We introduce both idiosyncratic and aggregate shocks in an endogenous growth model with endogenous partial insurance to the idiosyncratic shock. Aggregate uncertainty introduces an additional channel that can play an important role in determining the effects of private information on expected growth and asset prices. We show the impact of aggregate and idiosyncratic shocks on expected growth an...
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ژورنال
عنوان ژورنال: Journal of Monetary Economics
سال: 2001
ISSN: 0304-3932
DOI: 10.1016/s0304-3932(01)00053-8