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Competitive equilibrium with search frictions: A general equilibrium approach

Jerez, Belén - In: Journal of Economic Theory 153 (2014) C, pp. 252-286

programming techniques and duality theory, to show that a competitive equilibrium exists and is constrained efficient in our …

Persistent link: https://www.econbiz.de/10010930786

Ordinal efficiency under the lens of duality theory

Athanassoglou, Stergios - Volkswirtschaftliche Fakultät, … - 2010

An allocation's ordinal efficiency deficit (OED) is defined as the greatest ordinal efficiency loss that can result from its application. More precisely, an allocation's OED is the negative of the greatest total amount by which it may be stochastically dominated by another feasible allocation....

Persistent link: https://www.econbiz.de/10008694148

Common Mistakes in Computing the Nucleolus

Guajardo, Mario; Jörnsten, Kurt - Institutt for foretaksøkonomi, Norges Handelshøyskole … - 2014

Despite linear programming and duality have correctly been incorporated in algorithms to compute the nucleolus, we have … have multiple optimal solutions and neglecting the relevance of duality appear to be crucial sources of mistakes in … duality can be correctly used for computing the nucleolus. …

Persistent link: https://www.econbiz.de/10011097058

Recursive Methods for Incentive Problems

Messner, Matthias; Pavoni, Nicola; Sleet, Christopher - In: Review of Economic Dynamics 15 (2012) 4, pp. 501-525

Many dynamic incentive problems have primal recursive formulations in which utility promises serve as state variables. We associate families of dual recursive problems with these by selectively dualizing constraints. We make transparent the connections between recursive primal and dual...

Persistent link: https://www.econbiz.de/10010570164

Moral Hazard and Non-Exclusive Contracts

Bisin, Alberto; Guaitoli, Danilo - C.E.P.R. Discussion Papers - 1998

This paper studies equilibria for economies characterized by moral hazard (hidden action), in which the set of contracts marketed in equilibrium is determined by the interaction of financial intermediaries. The crucial aspect of the environment that we study is that intermediaries are restricted...

Persistent link: https://www.econbiz.de/10005497778

Effet de l'assurance complémentaire santé sur les consommations médicales, entre risque moral et amélioration de l'accès aux soins

Perronnin, Marc - Université Paris-Dauphine (Paris IX) - 2013

According to economic theory, health insurance raises medical care consumptions by inducing ex-post moral hazard behavior, it is to say the purchase of health care that individual value below their production cost. Nevertheless, among the economists community, some suggest that these additional...

Persistent link: https://www.econbiz.de/10010795042

Compromises and Incentives

Di Giannatale Menegalli, Sonia; Curiel-Cabral, Itza T. Q. - Centro de Investigación y Docencia Económicas (CIDE) - 2013

We analyze a situation where a Principal does not necessarily have all the bargaining power while negotiating a contract with an Agent by studying a dynamic multi-objective moral hazard model with hidden action. We .nd that the structure of the optimal contracts change along the Pareto Frontier,...

Persistent link: https://www.econbiz.de/10010823261

Convexity and multi-dimensional screening for spaces with different dimensions

Pass, Brendan - In: Journal of Economic Theory 147 (2012) 6, pp. 2399-2418

We study the principal–agent problem. We show that b-convexity of the space of products, a condition which appears in a recent paper by Figalli, Kim and McCann (2011) [9], is necessary to formulate the problem as a maximization over a convex set. We then show that when the dimension m of the...

Persistent link: https://www.econbiz.de/10010594325

Designing benefit rules for flexible retirement: Welfare vs. redistribution

Eső, P.; Simonovits, A.; Tóth, J. - In: Acta Oeconomica 61 (2011) March, pp. 3-32

With flexible (variable) retirement every individual determines his optimal retirement age, depending on a common benefit-retirement age schedule and his life expectancy. The government maximises the average expected lifetime utility minus a scalar multiple of the variance of the lifetime...

Persistent link: https://www.econbiz.de/10010822314

Supply chain configuration under information sharing

Kashefi, Mohammad Ali - Volkswirtschaftliche Fakultät, … - 2012

This paper examines the effect of information sharing on supply chain configuration where the market characterized by demand uncertainty. A dynamic multi-stage game theoretic model with incomplete information is employed to capture the sequence of events. Our supply chain consists of two...

Persistent link: https://www.econbiz.de/10011109348

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