Verfügbarkeit: Political Risk Aversion

Political Risk Aversion:

This paper studies the effect of individual uncertainty on collective decision-making to implement innovation. We show how individual uncertainty creates a bias for the status quo even under irreversible voting decisions, in contrast with Fernandez and Rodrik (1991). Blocking innovation is rooted in...

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1. Verfasser:	Valderrama, Laura (VerfasserIn)
Format:	Elektronisch E-Book
Sprache:	English
Veröffentlicht:	Washington, D.C International Monetary Fund 2009
Schriftenreihe:	IMF Working Papers Working Paper No. 09/194
Online-Zugang:	UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext
Zusammenfassung:	This paper studies the effect of individual uncertainty on collective decision-making to implement innovation. We show how individual uncertainty creates a bias for the status quo even under irreversible voting decisions, in contrast with Fernandez and Rodrik (1991). Blocking innovation is rooted in the aversion to the potential loss of political clout in future voting decisions. Thus, risk neutral individuals exhibit what we call political risk aversion. Yet individual uncertainty is not all bad news as it may open the door to institutional reform. We endogenize institutional reform and show a non-monotonic relationship between institutional efficiency and the size of innovation
Beschreibung:	1 Online-Ressource (26 p)
ISBN:	1451873417 9781451873412

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spelling	Valderrama, Laura Verfasser aut Political Risk Aversion Valderrama, Laura Washington, D.C International Monetary Fund 2009 1 Online-Ressource (26 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 09/194 This paper studies the effect of individual uncertainty on collective decision-making to implement innovation. We show how individual uncertainty creates a bias for the status quo even under irreversible voting decisions, in contrast with Fernandez and Rodrik (1991). Blocking innovation is rooted in the aversion to the potential loss of political clout in future voting decisions. Thus, risk neutral individuals exhibit what we call political risk aversion. Yet individual uncertainty is not all bad news as it may open the door to institutional reform. We endogenize institutional reform and show a non-monotonic relationship between institutional efficiency and the size of innovation Online-Ausg http://elibrary.imf.org/view/IMF001/10418-9781451873412/10418-9781451873412/10418-9781451873412.xml Verlag URL des Erstveröffentlichers Volltext
spellingShingle	Valderrama, Laura Political Risk Aversion
title	Political Risk Aversion
title_auth	Political Risk Aversion
title_exact_search	Political Risk Aversion
title_exact_search_txtP	Political Risk Aversion
title_full	Political Risk Aversion Valderrama, Laura
title_fullStr	Political Risk Aversion Valderrama, Laura
title_full_unstemmed	Political Risk Aversion Valderrama, Laura
title_short	Political Risk Aversion
title_sort	political risk aversion
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