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General equilibrium with asymmetric information and default penalties
Gouveia, Nuno - HAL - 2005
We introduce a two-period general equilibrium model with uncertainty and incomplete financial markets, where default is allowed and agents face in case they do default an utility penalty, which is their own private information. In this setting, if agents have heterogeneous characteristics they...
Persistent link: https://www.econbiz.de/10010750610
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Ambiguity, Agency Relationships and Adverse Selection
Mondello, Gérard - HAL - 2012
This paper applies to adverse selection theory the advances made in the field of ambiguity theory. It shows that i) a relevant second-best contract induces no production distortion considering the efficient agent as in the standard case. But the principal has to pay a higher information rent...
Persistent link: https://www.econbiz.de/10010734227
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Measuring competition in banking: A critical review of methods
LEON, Florian - HAL - 2014
Many studies have attempted to investigate the determinants and implications of competition in the banking industry …. The literature on the measurement of competition can be divided between the structural and non-structural approaches. The … structural approach infers the degree of competition from the structure of the market. The non-structural approach, based on the …
Persistent link: https://www.econbiz.de/10010899551
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Credit Constraints and the Persistence of Unemployment
Dromel, Nicolas; Kolakez, Elie; Lehmann, Etienne - HAL - 2009
In this paper, we argue that credit market imperfections impact not only the level of unemployment, but also its persistence. For this purpose, we first develop a theoretical model based on the equilibrium matching framework of Mortensen and Pissarides (1999) and Pissarides (2000) where we...
Persistent link: https://www.econbiz.de/10010738519
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Correlated Equilibria, Incomplete Information and Coalitional Deviations
Bloch, Francis; Dutta, Bhaskar - HAL - 2006
This paper proposes new concepts of strong and coalition-proof correlated equilibria where agents form coalitions at the interim stage and share information about their recommendations in a credible way. When players deviate at the interim stage, coalition-proof correlated equilibria may fail to...
Persistent link: https://www.econbiz.de/10008793449
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Impact of supply chain relational interactions on information sharing
Zouaghi, I.; Spalanzani, A.; Gunasekaran, A. - HAL - 2011
constructive way. In this sense companies tend to create value by cooperation and, at the same time, capture value by competition …
Persistent link: https://www.econbiz.de/10011025586
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Optimal Student Loans and Graduate Tax under Moral Hazard and Adverse Selection
Gary-Bobo, Robert J.; Trannoy, Alain - HAL - 2014
We characterize the set of second-best optimal "menus" of student-loan contracts in a simple economy with risky labour-market outcomes, adverse selection, moral hazard and risk aversion. The model combines student loans with an elementary optimal income-tax problem. The second-best optima...
Persistent link: https://www.econbiz.de/10010933842
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The distortionary effect of health insurance on health demand
Fombaron, Nathalie; Milcent, Carine - HAL - 2007
information. Third, the potential non-participation of one type risk arises despite competition, depending on the degree of …
Persistent link: https://www.econbiz.de/10010738800
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Separating selection and incentive effects in health insurance
Gardiol, Lucien; Geoffard, Pierre-Yves; Grandchamp, Chantal - HAL - 2005
This paper provides an analysis of the health insurance and health care consumption. A structural microeconomic model of joint demand for health insurance and health care is developed and estimated using full maximum likelihood method using Swiss insurance claims data for over 60 000 adult...
Persistent link: https://www.econbiz.de/10010738866
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Heterogeneous Banking Efficiency : Allocative Distortions and Lending Fluctuations
Duprey, Thibaut - HAL - 2013
This paper is a first attempt to connect the heterogeneity in bank efficiency with lending fluctuations and allocation … efficiency: there is a trade-off between the two in the presence of heterogeneity in bank monitoring efficiency. The mechanism at … hand is twofold. (a) First the rent extracted by the most efficient bank distorts incentives of entrepreneurs to undertake …
Persistent link: https://www.econbiz.de/10010739116