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For an exchange economy, under assumptions which did not bring about the existence of equilibrium with dividends as yet … the equilibrium with dividends existence problem. Adding to the same assumptions a weak non-satiation condition which …
Persistent link: https://www.econbiz.de/10009510659
In this paper we present the main results of three original studies on the equilibrium with a market of tradeable … permits in a static framework. In first study, we have considered an international equilibrium of two countries which depend …, we consider the partial equilibrium of an industry where each firm is characterized by a parameter combining production …
Persistent link: https://www.econbiz.de/10011603371
Socially responsible investment in analyzed in a general equilibrium context. This is important in order to understand …
Persistent link: https://www.econbiz.de/10011592922
the notion of a Classical Competitive Equilibrium (CCE). A unique CCE exists in a large class of concave classical … generates classical gravitational dynamics with the key distributive variables oscillating around their equilibrium values. …
Persistent link: https://www.econbiz.de/10015066978
We discuss the existence of a pooling equilibrium in a two-period model of an insurance market with asymmetric … pooling equilibrium exists. In addition to the phenom- enon of cream skimming emphasized in earlier literature, we here point …
Persistent link: https://www.econbiz.de/10012142264
Natural catastrophes attract regularly the attention of media and have become a source of public concern. From a financial viewpoint, natural catastrophes represent idiosyncratic risks,diversifiable at the world level. But for reasons analyzed in this pap er reinsurance markets are unable to...
Persistent link: https://www.econbiz.de/10005857781
This contribution starts out by noting a conflict of interest between consumers and insurers. Consumers face positive correlation in their assets (health, wealth, wisdom, i.e. skills), causing them to demand a great deal of insurance coverage. Insurers on the other hand eschew positively...
Persistent link: https://www.econbiz.de/10003354444
We examine equilibria in competitive insurance markets with adverse selection when wealth differences arise endogenously from unobservable savings or labor supply decisions. The endogeneity of wealth implies that high risk individuals may ceteris paribus exhibit the lower marginal willingness to...
Persistent link: https://www.econbiz.de/10003900923
Flood insurance differs widely in scope and form across Europe. Against the backdrop of rising flood losses a debate about the role of EU policy in shaping the future of this compensation tool is led by policy makers and industry. In this paper we investigate if and how current EU policies...
Persistent link: https://www.econbiz.de/10010517702
Extreme events are becoming more frequent and intense, inflating the economic damages and social hardship set-off by natural catastrophes. Amidst budgetary cuts, there is a growing concern on societies' ability to design solvent disaster recovery strategies, while addressing equity and...
Persistent link: https://www.econbiz.de/10010517703