Multiple bank lending creates an incentive to overborrow and default. When creditor rights are poorly protected and collateral value is volatile, this incentive leads to rationing and non-competitive interest rates. If banks share information about past debts via credit reporting systems, the...

We study a general equilibrium model where agents’ preferences, productivity and labor endowments depend on their health status, and occupational choices affect individual health distributions. Efficiency typically requires agents of the same type to obtain different expected utilities if...

We consider a simple model of competition under moral hazard with constant return technologies. We consider preferences that are not separable in effort: Marginal utility of leisure is assumed to increase with income, especially for high income levels. We show that, in this context, Bertrand...