| Titre | Contrat avec aversion pour le risque et partage des risques : une application à l'industrie spatiale | |
|---|---|---|
| Auteur | Françoise Bastié | |
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Revue | Economie et prévision |
| Numéro | no 145, 2000/4 | |
| Page | 83-96 | |
| Résumé anglais |
Contract with risk-aversion and risk-sharing: an application to the space industry
by Françoise Fouquet-Bastié
In the French space industry, annexes to the initial contracts provide for risk-sharing between the French space agency and industrial firms. This article examines the sharing of risk in this type of contract. In the model, the principal (the space agency), which is risk-neutral, proposes a contract comprising two prices to an agent (the industrialist) who is risk-averse. Depending on the price chosen by the latter, the principal will or will not audit the industrialist's costs. As a consequence, the audit is in the control of the agent. On this assumption, the risk can either be entirely borne by one of the two parties to the contract or shared between them. The result depends on the agent's degree of risk-aversion and the cost of the effort made. This theoretical analysis is followed by an econometric study aimed at estimating the risk-sharing parameter in contracts between the space agency and industrial firms. Source : Éditeur (via Persée) |
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| Article en ligne | http://www.persee.fr/web/revues/home/prescript/article/ecop_0249-4744_2000_num_145_4_6114 |
