Uncertainty, Specificity and Institutions

Martin Gervais and Igor Livshits

No 521, 2010 Meeting Papers from Society for Economic Dynamics

Abstract: ex-ante appropriate (good) institutions may appear to be bad ex-post as they make economies vulnerable to shocks such as turbulence. As an example, the firing restrictions in Europe and Japan, which appear to be an inefficient institution ex-post, may have been a part of an efficient arrangement ex-ante.

Date: 2010
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