Journal article
Ambiguity Aversion and the Absence of Wage Indexation.
- Abstract:
- This paper analyzes optimal wage contracting assuming agents are not subjective expected utility maximizers but are, instead, ambiguity (or uncertainty) averse decision makers who maximize Choquet expected utility. We show that such agents will choose not to include any indexation coverage in their wage contracts even when inflation is uncertain, unless the perceived inflation uncertainty is high enough. Significantly, the exercise does not presume any exogenous costs (e.g., transactions costs) of including indexation links.
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- Publisher copy:
- 10.1016/j.jmoneco.2003.08.012
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Authors
Bibliographic Details
- Publisher:
- Elsevier
- Journal:
- Journal of Monetary Economics
- Volume:
- 51
- Issue:
- 3
- Pages:
- 653 - 670
- Publication date:
- 2004-01-01
- DOI:
- ISSN:
-
0304-3932
Item Description
- Language:
- English
- UUID:
-
uuid:46487aa9-3a80-4c47-a537-739c5ee190c4
- Local pid:
- oai:economics.ouls.ox.ac.uk:14693
- Deposit date:
- 2011-08-16
Related Items
Terms of use
- Copyright date:
- 2004
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