This paper examines how cooperation in an insurance game depends on risk preferences and the riskiness of income. It … of the discount factor above which perfect risk sharing is self-enforcing. When agents face no aggregate risk, there is … of idiosyncratic and aggregate risk. In the case of exponential (isoelastic) utility, cooperation depends positively on …

This paper questions whether competition can replace sector-specific regulation of mobile telecommunications. We show …

regulatory holiday induces highest investments, followed by risk-sharing and long-run-incremental cost regulation. Risk …This paper analyses how different types of access regulation to next generation networks affect investments and … holiday, respectively. Risk-sharing benefits consumers as it combines relatively high ex-ante investment incentives with …

liquidity risk and characterizes them. Both a solvency (leverage) and a liquidity ratio are required to control the …

This paper investigates political uncertainty as a source of regulatory risk. It shows that political parties have … incentives to reduce regulatory risk actively: Mutually beneficial pre-electoral agreements that reduce regulatory risk always … skewed. These results follow from a fluctuation effect of regulatory risk that hurts parties and an output-expansion effect …

generates regulatory risk. I show that this risk has a fluctuation effect that hurts both parties and an outputexpansion effect … that benefits one party. Consequently, at least one party dislikes regulatory risk. Moreover, both political parties gain … from eliminating regulatory risk when political divergence is small or the winning probability of the regulatoryriskaverse …

This paper analyzes the risk allocation in concession models for German highways, according to the "F-Model" and the "A … concession models. Next, theoretical backgrounds and rules of thumb for risk allocation in concessions for road infrastructure … are presented and applied to the F- and A-Model. Both models show significant weaknesses with regard to risk allocation …