English, Article, Journal or magazine article edition: Ambiguity Aversion and the Absence of Wage Indexation Sujoy Mukerji; Jean-Marc Tallon

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Ambiguity Aversion and the Absence of Wage Indexation
Author
  • Sujoy Mukerji
  • Jean-Marc Tallon
Physical Description
  • preprint
Notes
  • RePEc:hal:journl:halshs-00174562_v1
  • ambiguity aversion; indexation
  • RePEc:hal:cesptp:halshs-00174562_v1
  • 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.
  • wage contracts, indexation, inflation, uncertainty
  • RePEc:oxf:wpaper:111
Language
  • English
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