Social Investments, Informal Risk Sharing, and Inequality
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This paper studies costly network formation in the context of risk sharing. Neighboring agents negotiate agreements as in Stole and Zwiebel (1996), which results in the social surplus being allocated according to the Myerson value. We uncover two types of inefficiency: overinvestment in social
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美国国家经济研究局创建时间：
2014-11-01
