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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

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

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 … featuring a lower cyclicality signals a lower efficiency in its monitoring abilities; (iii) a heterogeneous banking system …

Persistent link: https://www.econbiz.de/10010739116

Transferring new dynamic capabilities to SMEs: the role of ONERA – the French Aerospace LabTM in promoting asymmetries management

Paun, Florin; Tunzelmann, Nick Von; Richard, Philippe - HAL - 2010

The technology transfer process between a public laboratory and a company has been the subject of many publications and has been widely discussed in economic theory. This paper highlights several newly identified asymmetries occurring between the different agents taking part in the process,...

Persistent link: https://www.econbiz.de/10008836453

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

Learning by Trading in Infinite Horizon Strategic Market Games with Default

Brangewitz, Sonja; Giraud, Gaël - HAL - 2012

We study the consequences of dropping the perfect competition assumption in a standard infinite horizon model with infinitely-lived traders and real collateralized assets, together with one additional ingredient : information among players is asymmetric and monitoring is incomplete. The key...

Persistent link: https://www.econbiz.de/10010635262

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

The distortionary effect of health insurance on health demand

Fombaron, Nathalie; Milcent, Carine - HAL - 2007

This paper presents a general framework for modeling the impact of insurance on healthcare demand extending some of the results of the two-risk model of Rothschild and Stiglitz (1976), but including the latter as a special case. Rothschild and Stiglitz's approach assumes equivalence between the...

Persistent link: https://www.econbiz.de/10010738800

Contract Design to Sequester Carbon in Agricultural Soils

Chiroleu-Assouline, Mireille; Roussel, Sébastien - HAL - 2010

According to several studies, agricultural carbon sequestration could be a relatively low cost opportunity to mitigate greenhouse gas (GHG) concentration and a promising means that could be institutionalised. However the potential for additional carbon quantities in agricultural soils is...

Persistent link: https://www.econbiz.de/10010603645

High frequency trading in a Markov renewal model

Fodra, Pietro; Pham, Huyen - HAL - 2013

We study an optimal high frequency trading problem within a market microstructure model aiming at a good compromise between accuracy and tractability. The stock price is modeled by a Markov Renewal Process (MRP), while market orders arrive in the limit order book via a point process correlated...

Persistent link: https://www.econbiz.de/10010821509

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