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A discrete martingale model of pension fund guarantees in

Fischer, Klaus P. - EconWPA - 1998

In this paper we present a solution to the problem of pricing guarantees of minimum returns on pension fund … contributions. These guarantees exist by law in Colombia and cover all pension fund contributions made to the country's private … affiliates with an accumulated capital of 1.8 billion dollars starting from zero in 1994. Two types of guarantees exist: on …

Persistent link: https://www.econbiz.de/10005561592

Growth and Risk-Sharing with Private Information

Khan, Aubhik; Ravikumar, B. - EconWPA - 1998

-sharing between households occurs through long-term contracts with intermediaries. We find that incomplete risk- sharing tends to … reduce the rate of growth relative to the complete risk sharing benchmark. Numerical examples indicate the contracts are …

Persistent link: https://www.econbiz.de/10005126193

Learning versus Diversification in Project Choice

Subramanian, Narayanan; Menon, Nidhiya - EconWPA - 2004

We study the issue of project choice when a risk-averse agent must choose whether to invest in two projects of the same type (focus) or of different types (diversification). Projects of the same type are subject to common type-specific shocks. Hence focusing is more risky within each period, but...

Persistent link: https://www.econbiz.de/10005407512

Food Aid and Informal Insurance

Dercon, Stefan; Krishnan, Pramila - EconWPA - 2004

Households in developing countries use a variety of informal mechanisms to cope with risk, including mutual support and risk-sharing. These mechanisms cannot avoid that they remain vulnerable to shocks. Public programs in the form of food aid distribution and food-for-work programs are meant to...

Persistent link: https://www.econbiz.de/10005062422

Risk-Sharing Networks among Households in Rural Ethiopia

Ayalew, Daniel - EconWPA - 2004

We apply the set up of limited commitment model to empirically test the role of informal risk-sharing networks using panel data on informal credit transactions from rural Ethiopia. The empirical estimates provide convincing evidence for the belief that enforcement problem limits the direct role...

Persistent link: https://www.econbiz.de/10005062432

RISK-SHARING NETWORKS AND INSURANCE AGAINST ILLNESS

Dercon, Stefan; Weerdt, Joachim de - EconWPA - 2004

Most risk-sharing tests on developing country data are conducted at the level of the village; generally, the full risk-sharing hypothesis is rejected. This paper uses detailed data on all insurance networks within a village in Tanzania; networks are not clustered but largely overlapping. We test...

Persistent link: https://www.econbiz.de/10005118745

A Model of Bargaining with the Possibility of Arbitration

Manzini, Paola; Mariotti, Marco - EconWPA - 1997

this result both for theories of arbitration and for the interpretation of cooperative bargainining solutions. …

Persistent link: https://www.econbiz.de/10005407526

Does Resorting to Online Dispute Resolution Promote Agreements? Experimental Evidence

Gabuthy, Yannick; Marchand, Nadège - EconWPA - 2004

efficiency. This conclusion is consistent with the experimental results on arbitration and the well-known chilling effect …

Persistent link: https://www.econbiz.de/10005408220

The Role of Incentives for Opening Monopoly Markets: Comparing GTE and RBOC Cooperation with Local Entrants

Mini, Federico - EconWPA - 1999

arbitration awards to both GTE and the RBOC in that state (perhaps because a state commission is reluctant to treat the incumbent …

Persistent link: https://www.econbiz.de/10005412964

WTO Dispute Settlement at Ten: Evolution, Experiences, and Evaluation

Zimmermann, Thomas A. - EconWPA - 2005

ENGLISH ABSTRACT: On 1 January 1995, the Understanding on Rules and Procedures Governing the Settlement of Disputes (DSU) entered into force. During its first ten years, the DSU has since been applied to 324 complaints – more cases than dispute settlement under the GATT 1947 had dealt with in...

Persistent link: https://www.econbiz.de/10005556422