given period, after having observed her income, the agent can walk away from the contract, while the intermediary cannot, i … can be provided because in an equilibrium contract an up-front payment effectively locks in the agent with an intermediary …. We then show that our contract economy is equivalent to a consumption-savings economy with one-period Arrow securities …

given period, after having observed her income, the agent can walk away from the contract, while the intermediary cannot, i … intermediaries. Insurance can be provided because in an equilibrium contract an up-front payment effectively locks in the agent with … an intermediary. We then show that our contract economy is equivalent to a consumption-savings economy with one …

- utility we provide a complete analytical characterization of the optimal consumption insurance contract, the stationary …

-utility we provide a complete analytical characterization of the optimal consumption insurance contract, the stationary …