haku: @author Nilssen, T. / yhteensä: 7
viite: 4 / 7
| Tekijä: | Asheim, G. B. Nilssen, T. |
| Otsikko: | Insurance monopoly and renegotiation |
| Lehti: | Economic Theory
1997 : FEB, VOL. 10:2, p. 341-354 |
| Asiasana: | INSURANCE MONOPOLY NEGOTIATION |
| Kieli: | eng |
| Tiivistelmä: | This paper considers the effect of allowing renegotiation to take place before contracts are put into force. For renegotiation to take place new information must arrive. This analysis extends the theory of mechanism design to the case where contracts can be renegotiated after they are signed but before they are put into force. The basis for the discussion is Stiglitz's (1977) model of an insurance monopoly. The results reinforce the lessons from earlier renegotiation literature, that full separation is not to be expected, or that individuals with different characteristics have identical behavior. |
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