Objective
My research examines the impact of risk on bargaining outcomes. In all previous bargaining models the players can implement any agreement exactly and with certainty. But in reality only the expected payoffs are agreed and these are usually subject to ex post uncertainty. For example, inflation makes nominal wage bargains risky; the exact profits of joint-ventures between firms are unknown. I find that this uncertainty affects bargained outcomes in unexpected ways - inequalities in bargaining relationships tend to be offset and risk-averse players may actually prefer more risky contracts. This model can therefore be used to analyse parties' incentives in writing contracts: risk-averse parties may find it desirable to make a contract deliberately ambiguous, or to conclude an agreement before uncertainty is resolved. This provides a potential explanation for incomplete contracts
JEL Classification : C78, D89, D23 Keywords : Bargaining, Uncertainty, Incomplete Contracts.
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Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Call for proposal
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Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Coordinator
31042 TOULOUSE
France
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.