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This paper analyzes the dynamic interactions between the precision of information, technological development, and … welfare within an overlapping generations model. More precise information about idiosyncratic production shocks has ambiguous …''s financial system. For example, we show that with efficient risk sharing more precise information adversely affects the …
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This paper explores the introduction of collective risk-sharing elements in defined contribution pension contracts. We consider status-contingent, age-contingent and asset contingent risk-sharing arrangements. All arrangements raise aggregate welfare, as measured by equivalent variations. While...
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