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Observing Unobservables: Identifying Information Asymmetries with a Consumer Credit Field Experiment
Karlan, Dean S.; Zinman, Jonathan - 2005
Information asymmetries are important in theory but difficult to identify in practice. We estimate the empirical …
Persistent link: https://www.econbiz.de/10010369211
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An Adverse Selection Model of Optimal Unemployment Insurance
Hagedorn, Marcus; Kaul, Ashok; Mennel, Tim - 2003
We derive the shape of optimal unemployment insurance (UI) contracts when agents can exert search effort but face different search costs and have private information about their type. We derive a recursive solution of our dynamic adverse selection problem with repeated moral hazard. Conditions...
Persistent link: https://www.econbiz.de/10010262113
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Should UI Benefits Really Fall Over Time?
Hassler, John; Rodríguez Mora, José V. - 2002
The issue of whether unemployment benefits should increase or decrease over the unemployment spell is analyzed in a tractable model allowing moral hazard, adverse selection and hidden saving. Analytical results show that when the search productivity of unemployed is constant over the...
Persistent link: https://www.econbiz.de/10010262469
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Delegated portfolio management: a survey of the theoretical literature
Stracca, Livio - 2005
This paper provides a selective review of the theoretical literature on delegated portfolio management as a principal-agent relationship. The main focus of the paper is to review the analytical issues raised by the peculiar nature of the delegated portfolio management relationship within the...
Persistent link: https://www.econbiz.de/10011604566
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A General Equilibrium Analysis of Inflation and Microfinance in Developing Countries
Müller, Daniel - 2013
This paper analyses the welfare effects of microfinance and inflation in developing countries. Therefore, we introduce … microfinance institution induces peer monitoring, which in turn enables entrepreneurship. Our main result is that there exists an … inflation threshold beyond which entrepreneurship collapses. We show that inflation affects the impact of microfinance on social …
Persistent link: https://www.econbiz.de/10011390685
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Loans, insurance and failures in the credit market for students
Del Rey, Elena; Verheyden, Bertrand - 2011
In the education literature, it is generally acknowledged that both credit and insurance for students are rationed. In order to provide a rationale for these observations, we present a model with perfectly competitive banks and risk averse students who have private information on their ability...
Persistent link: https://www.econbiz.de/10010274775
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On the role of patience in an insurance market with asymmetric information
Sonnenholzner, Michael; Wambach, Achim - 2006
We analyse a 2-period competitive insurance market which is characterized by the simultaneous presence of standard moral hazard and adverse selection with regard to consumer time preferences. It is shown that there exists an equilibrium in which patient consumers use high effort and buy a...
Persistent link: https://www.econbiz.de/10010298353
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An adverse selection model of optimal unemployment insurance
Hagedorn, Marcus; Kaul, Ashok; Mennel, Tim - 2002
We derive the shape of optimal unemployment insurance (UI) contracts when agents can exert search effort but face different search costs and have private information about their type. We derive a recursive solution of our dynamic adverse selection problem with repeated moral hazard. Conditions...
Persistent link: https://www.econbiz.de/10010301115
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Bankruptcy: is it enough to forgive or must we also forget?
Elul, Ronel; Gottardi, Piero - 2008
In many countries, lenders are not permitted to use information about past defaults after a specified period of time has elapsed. We model this provision and determine conditions under which it is optimal. We develop a model in which entrepreneurs must repeatedly seek external funds to finance a...
Persistent link: https://www.econbiz.de/10010264371
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Optionen einer effizienten Gestaltung der Arbeitslosenversicherung
Glismann, Hans H.; Schrader, Klaus - 2001
The paper is about the economically efficient design of financial transfers to the unemployed in a highly industrialized country. There have been quite a few contributions to this problem — for example by Beenstock/Brasse, Feldstein/ Altman, Grubel, Orzag/Snower — which are presented and...
Persistent link: https://www.econbiz.de/10010265479