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Specific Information, General Information, and Employment Matches Under Uncertainty

Viscusi, W. Kip - 2021

Employment matches under uncertainty are typically accompanied by opportunities for information acquisition. Workers … can acquire specific information about productivity lotteries at the firm or general information affecting their … probabilistic beliefs about work elsewhere. Enterprises can acquire specific information concerning the productivity of a particular …

Persistent link: https://www.econbiz.de/10013249393

Evaluating risk measures and capital allocations based on multi-losses driven by a heavy-tailed background risk : the multivariate Pareto-II model

Asimit, Alexandru V.; Vernic, Raluca; Zitikis, Riċardas - In: Risks : open access journal 1 (2013) 1, pp. 14-33

Evaluating risk measures, premiums, and capital allocation based on dependent multi-losses is a notoriously difficult task. In this paper, we demonstrate how this can be successfully accomplished when losses follow the multivariate Pareto distribution of the second kind, which is an attractive...

Persistent link: https://www.econbiz.de/10009754682

Cadillac contracts and up-front payments : efficient investment under expectation damages

Edlin, Aaron S. - 1994

Persistent link: https://www.econbiz.de/10000147403

Financial markets, the real economy, and self-fulfilling uncertainties

Benhabib, Jess; Liu, Xuewen; Wang, Pengfei - 2018

Persistent link: https://www.econbiz.de/10011914348

Cadillac Contracts and Up-Front Payments : Efficient Investment Under Expectation Damages

Edlin, Aaron S. - 2021

This paper shows that up-front payments can play a crucial role in providing efficient investment incentives when contracts are incomplete. They can eliminate the overinvestment effect identified by Rogerson [1984] and Shavell [1980] when courts use an expectation damage remedy. This method...

Persistent link: https://www.econbiz.de/10013224687

Intergenerational risk sharing in the spirit of Arrow, Bebreu, and Rawls, with applications to social security design

Ball, Laurence M.; Mankiw, Nicholas Gregory - 2001

Persistent link: https://www.econbiz.de/10001578271

Intergenerational Risk Sharing in the Spirit of Arrow, Debreu, and Rawls, with Applications to Social Security Design

Ball, Laurence M.; Mankiw, Nicholas Gregory - 2021

This paper examines the optimal allocation of risk in an overlapping-generations economy. It compares the allocation of risk the economy reaches naturally to the allocation that would be reached if generations behind a Rawlsian 'veil of ignorance' could share risk with one another through...

Persistent link: https://www.econbiz.de/10013248396

Optimal reinsurance : a risk sharing approach

Balbás de la Corte, Alejandro; Balbas, Beatriz; … - In: Risks : open access journal 1 (2013) 2, pp. 45-56

This paper proposes risk sharing strategies, which allow insurers to cooperate and diversify non-systemic risk. We deal with both deviation measures and coherent risk measures and provide general mathematical methods applying to optimize them all. Numerical examples are given in order to...

Persistent link: https://www.econbiz.de/10010199029

The shifting shape of risk : endogenous market failure for insurance

Koch, Thomas G. - In: Risks : open access journal 5 (2017) 1, pp. 1-13

This article considers an economy where risk is insurable, but selection determines the pool of individuals who take it up. First, we demonstrate that the comparative statics of these economies do not necessarily depend on its marginal selection (adverse versus favorable), but rather other...

Persistent link: https://www.econbiz.de/10011636453

Earnings, consumption and lifecycle choices

Meghir, Costas; Pistaferri, Luigi - 2010

Persistent link: https://www.econbiz.de/10003964247

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