worker buys an insurance, which gives a constant income and retirement benefits in exchange for the total output. The level …

This paper empirically analyzes moral hazard in car insurance using a dynamic theory of an insuree's dynamic risk (ex … ante moral hazard) and claim (ex post moral hazard) choices and Dutch longitudinal micro data. We use the theory to …

We offer a theory of how the combination of budget constraints and insurance drives up prices. A natural context for … our theory is the health care market, where drug prices can be very high. Our model predicts that monopoly prices for …

parameter in a data-driven way. A systemic risk surveillance example for business model classification in the global insurance …

when insurance companies have market power. Using analytical models, we compare a public-welfare maximizing monopoly with a … accident externality that individual drivers impose on one another via their presence on the road. Insurance companies will … internalize some of these externalities, depending on their degree of market power. We derive optimal insurance premiums, and …

ofthis theory of capital structure evolution is that optimal capital structure is essentiallydynamic, and depends on the firm …’s stock price, implying that firms issue equity when stockprices are high and debt when stock prices are low. The theory … testablepredictions. Moreover, the theory can rationalize the use of debt in the absence of taxes,agency costs or signaling considerations. …

We develop an economic theory of “flexibility”, which we interpret as the discretion orability to make a decision that …

. Real option theory argues that research projects with conditional phases have option-like risk and return properties, and …