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Sudipta Sarangi and Prabirendra Chatterjee
''Enforcement with Costly Group Formation''
( 2005, Vol. 15 No.9 )
The joint liability literature claims that positive assortative matching, or risk homogeneity, is always the first best solution. We examine this claim in presence of group formation costs and find that the assertion is not always true.
Keywords: Group Formation Costs
JEL: O1 - Economic Development: General
D8 - Information, Knowledge, and Uncertainty: General
Manuscript Received : Nov 25 2004 Manuscript Accepted : Feb 13 2005

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