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010   $a9786612844034
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035   $a(SSID)ssj0000943013
035   $a(PQKBManifestationID)11505578
035   $a(PQKBTitleCode)TC0000943013
035   $a(PQKBWorkID)10975129
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035   $a(OCoLC)649468877
035   $a(MiAaPQ)EBC1608817
035   $a(IMF)WPIEE2009194
035   $a(EXLCZ)993170000000055344
100   $a20020129d2009      uf         0
101 0 $aeng
135   $aurcn|||||||||
181   $ctxt
182   $cc
183   $acr
200 10$aPolitical Risk Aversion /$fLaura Valderrama
205   $a1st ed.
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2009.
215   $a26 p. $cill
225 1 $aIMF Working Papers
300   $aBibliographic Level Mode of Issuance: Monograph
311   $a1-4519-1765-1 
320   $aIncludes bibliographical references.
327   $aCover Page -- Title Page -- Copyright Page -- Contents -- I. Introduction -- II. Basic Model -- A. Economic Environment -- B. Technology Choice -- C. Aggregate Uncertainty -- III. Institutional Reform -- A. Outside Ownership -- B. Endogenizing Ownership -- C. Dominated Employee Ownership -- IV. Efficieny, Innovation, and Labor Mobility -- A. Partnership Efficiency -- 1. Technological and Institutional Efficiency -- B. Institutional Efficiency -- 2. Endogeneous ownership -- V. Discussion -- A. How does the model fit the facts? -- B. Foundations of Individual Uncertainty -- C. Heterogeneous Investors -- VI. Related Literature -- VII. Concluding Remarks -- References -- Footnotes.
330 3 $aThis paper studies the effect of individual uncertainty on collective decision-making to implement innovation. We show how individual uncertainty creates a bias for the status quo even under irreversible voting decisions, in contrast with Fernandez and Rodrik (1991). Blocking innovation is rooted in the aversion to the potential loss of political clout in future voting decisions. Thus, risk neutral individuals exhibit what we call political risk aversion. Yet individual uncertainty is not all bad news as it may open the door to institutional reform. We endogenize institutional reform and show a non-monotonic relationship between institutional efficiency and the size of innovation.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2009/194
606   $aUncertainty
606   $aRational expectations (Economic theory)
606   $aLabor$2imf
606   $aIndustries: Information Technololgy$2imf
606   $aProduction and Operations Management$2imf
606   $aInventions$2imf
606   $aTechnological Change: Choices and Consequences$2imf
606   $aDiffusion Processes$2imf
606   $aInnovation$2imf
606   $aResearch and Development$2imf
606   $aTechnological Change$2imf
606   $aIntellectual Property Rights: General$2imf
606   $aMacroeconomics: Production$2imf
606   $aGeographic Labor Mobility$2imf
606   $aImmigrant Workers$2imf
606   $aInformation technology industries$2imf
606   $aTechnology$2imf
606   $ageneral issues$2imf
606   $aMacroeconomics$2imf
606   $aInventions & inventors$2imf
606   $aLabour$2imf
606   $aincome economics$2imf
606   $aEmerging technologies$2imf
606   $aProductivity$2imf
606   $aTechnological innovation$2imf
606   $aLabor mobility$2imf
606   $aIndustrial productivity$2imf
606   $aTechnological innovations$2imf
607   $aChina, People's Republic of$2imf
615  0$aUncertainty.
615  0$aRational expectations (Economic theory)
615  7$aLabor
615  7$aIndustries: Information Technololgy
615  7$aProduction and Operations Management
615  7$aInventions
615  7$aTechnological Change: Choices and Consequences
615  7$aDiffusion Processes
615  7$aInnovation
615  7$aResearch and Development
615  7$aTechnological Change
615  7$aIntellectual Property Rights: General
615  7$aMacroeconomics: Production
615  7$aGeographic Labor Mobility
615  7$aImmigrant Workers
615  7$aInformation technology industries
615  7$aTechnology
615  7$ageneral issues
615  7$aMacroeconomics
615  7$aInventions & inventors
615  7$aLabour
615  7$aincome economics
615  7$aEmerging technologies
615  7$aProductivity
615  7$aTechnological innovation
615  7$aLabor mobility
615  7$aIndustrial productivity
615  7$aTechnological innovations
676   $a338.04;338.0409
700   $aValderrama$b Laura$01597744
712 02$aInternational Monetary Fund.
801  0$bDcWaIMF
906   $aBOOK
912   $a9910828554803321
996   $aPolitical Risk Aversion$94117251
997   $aUNINA