haku: @author Phelan, C. / yhteensä: 3
viite: 2 / 3
Tekijä: | Phelan, C. |
Otsikko: | Repeated moral hazard and one-sided commitment |
Lehti: | Journal of Economic Theory
1995 : AUG, VOL. 66:2, p. 488-506 |
Asiasana: | ECONOMICS MORAL HAZARD THEORIES |
Kieli: | eng |
Tiivistelmä: | This paper considers a repeated unobserved endowment economy with a restriction that agents can walk away from insurance contracts at the beginning of any period and contract with another insurer (one-sided commitment). An equilibrium is derived characterized by a unique, market-determined insurance contract with the property that agents never want to walk away from it. The paper shows that trade (or insurance) still occurs and that a non-degenerate long-run distribution of consumption exists. |
SCIMA