that hardly explains the many features of an insurance contract. We extend this setup to include the situation that the … costlessly observable, then it should be included in the contract to improve the risk sharing-incentive trade-off under moral … resulting incompleteness of the contract opens the door to controversies and disputes that may lead to judicial procedures. We …

High correlations between risks can increase required insurer capital and/orreduce the availability of insurance. For … such insurance lines, securitizationis rapidly emerging as an alternative form of risk transfer. The ultimatesuccess of … to facilitateand/or be facilitated by insurance contracts. We consider how insuredlosses might be decomposed into …

derive the optimal contract for both experimentation and production when the agent has private information about his … asymmetric information is endogenously determined by the length of the experimentation stage. An optimal contract uses the length …

Neither marriage nor a legally enforceable contract serves any useful purpose if the parties have access to a perfect … enforceable contract. Separate-property marriage may reduce and community-property marriage actually eliminate inefficiency, but …