Competitive equilibrium with moral hazard in economies with multiple commodities
We study an economy with competitive commodity markets and exclusive pairwise contractual relations with moral hazard, where both the principal and the agent can be risk averse. We show existence of equilibria and their generic constrained suboptimality,
Year of publication: |
1997-12
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Authors: | Citanna, Alessandro ; Villanacci, Antonio |
Institutions: | Carnegie Mellon University, Tepper School of Business |
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