Series: IMF Working Papers
Author(s): Laura Valderrama
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 September 2009
Keywords: Individual uncertainty, Innovation, Dynamic voting, Institutional reform., new technology, technology choice, institutional reform, investors, expropriation, Criteria for Decision-Making under Risk and Uncertainty,
This 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 dec...