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Dynamic Moral Hazard Without Commitment
Horner, Johannes - 2015
We study a discrete-time model of repeated moral hazard without commitment. In every period, a principal finances a … the returns of a successful project unbeknownst the principal. The absence of commitment is reflected both in the solution … period to the next. We show that removing commitment from the equilibrium concept is relatively innocuous -- if the players …
Persistent link: https://www.econbiz.de/10013027917
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The Basic Public Finance of Public-Private Partnerships
Engel, Eduardo M. R. A. - 2011
Public-private partnerships (PPPs) have been justified because they release public funds or save on distortionary taxes. However, the resources saved by a government that does not finance the upfront investment are offset by giving up future revenue flows to the concessionaire. If a PPP can be...
Persistent link: https://www.econbiz.de/10012756839
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Soft Budgets and Renegotiations in Public-Private Partnerships
Engel, Eduardo M. R. A.; Fischer, Ronald D.; Galetovic, … - 2009
Public-private partnerships (PPPs) are increasingly used to provide infrastructure services. Even though PPPs have the potential to increase efficiency and improve resource allocation, contract renegotiations have been pervasive. We show that existing accounting standards allow governments to...
Persistent link: https://www.econbiz.de/10014204667
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Financing Firms in Hibernation during the COVID-19 Pandemic
Didier, Tatiana - 2020
The coronavirus (COVID-19) pandemic has halted economic activity worldwide, hurting firms and pushing them toward bankruptcy. This paper provides a unified framework to organize the policy debate related to firm financing during the downturn, centered along four main points. First, the economic...
Persistent link: https://www.econbiz.de/10012834375
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Barefoot and Footloose Doctors : Optimal Resource Allocation in Developing Countries with Medical Migration
Roemer, John E.; Rosa Dias, Pedro - 2015
In light of the shortage of healthcare professionals, many developing countries operate a defacto two-tiered system of healthcare provision, in which Community Health Workers (CHWs) supplement service provision by fully qualified physicians. CHWs are relatively inexpensive to train but can treat...
Persistent link: https://www.econbiz.de/10014038129
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Estimated Costs of Injuries in College and High School Female Sports
Fair, Ray C.; Champa, Christopher - 2019
Injury rates in thirteen U.S. women’s college sports and four U.S. girls’ high school sports are examined in this paper. The sports are categorized as high injury (H) or low injury (L) and differences in injury rates between the two are examined. Estimates are presented of the injury...
Persistent link: https://www.econbiz.de/10014104842
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Health Reform, Health Insurance, and Selection : Estimating Selection into Health Insurance Using the Massachusetts Health Reform
Hackmann, Martin B.; Kolstad, Jonathan; Kowlaski, Amanda E - 2013
We implement an empirical test for selection into health insurance using changes in coverage induced by the introduction of mandated health insurance in Massachusetts. Our test examines changes in the cost of the newly insured relative to those who were insured prior to the reform. We find that...
Persistent link: https://www.econbiz.de/10014174423
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Mechanism Design with Limited Information : The Case of Nonlinear Pricing
Bergemann, Dirk - 2010
We analyze the canonical nonlinear pricing model with limited information. A seller offers a menu with a finite number of choices to a continuum of buyers with a continuum of possible valuations. By revealing an underlying connection to quantization theory, we derive the optimal finite menu for...
Persistent link: https://www.econbiz.de/10013135503
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Interdependent Preferences and Strategic Distinguishability
Bergemann, Dirk - 2010
A universal type space of interdependent expected utility preference types is constructed from higher-order preference hierarchies describing (i) an agent's (unconditional) preferences over a lottery space; (ii) the agent's preference over Anscombe-Aumann acts conditional on the unconditional...
Persistent link: https://www.econbiz.de/10013137661
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Managing Strategic Buyers
Horner, Johannes - 2010
independent private values. The monopolist posts prices but has no commitment power. The seller faces a basic trade-off between …
Persistent link: https://www.econbiz.de/10013138385