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Kräkel, Matthias - University of Bonn, Germany - 2014

In a multi-agent setting, individuals often compare own performance with that of their peers. These comparisons in?uence agents? incentives and lead to a noncooperative game, even if the agents have to complete independent tasks. I show that depending on the interplay of the peer effects,...

Persistent link: https://www.econbiz.de/10011096536

Understanding "The Problem of Social Cost"

baffi, enrico - Volkswirtschaftliche Fakultät, … - 2013

This paper examines the positions of Coase and Pigou in regard to the problem of external effects (externalities … 1960, Coase’s theory has been developed and has become a pillar of tort law and economics. Pigou proposed a tax as an …

Persistent link: https://www.econbiz.de/10011260441

Macroeconomics after the crisis – hedgehog or fox?

Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 2014

‘pecuniary externalities’. Two that affect borrowers and lenders balance sheets in pro-cyclical fashion are described, along with … measures that might help curb their destabilising effects. These ‘pecuniary externalities’ can be thought of as the unintended … Greenwald and Stiglitz (1986) – that when externalities are present, leaving things to the market may not be ‘constrained Pareto …

Persistent link: https://www.econbiz.de/10011083632

Information-Constrained Optima with Retrading: An Externality and Its Market-Based Solution

Kilenthong, Weerachart; Townsend, Robert - Volkswirtschaftliche Fakultät, … - 2010

This paper studies the efficiency of competitive equilibria in environments with a moral hazard problem and unobserved states, both with retrading in ex post spot markets. The interaction between private information problems and the possibility of retrade creates an externality, unless...

Persistent link: https://www.econbiz.de/10008552807

Anreizkompatibilität von Entschädigungssystemen für Kosten und Verluste aus Tierseuchenausbrüchen in der Europäischen Union

Hirsch, Bernhard; Nell, Martin - Fachbereich Betriebswirtschaftslehre, Universität Hamburg - 2007

Der Beitrag enthält eine anreiztheoretische Analyse der Versicherungssysteme, die zur Entschädigung von Kosten und Verlusten aus Tierseuchenausbrüchen in den EUMitgliedsländern eingerichtet sind. Es wird gezeigt, dass Kompensationszahlungen zur Erzielung effizienter Schadenverhütungsanreize...

Persistent link: https://www.econbiz.de/10009401221

How Liable should an Exporter be? The Case of Trade in Hazardous Goods

Helm, Carsten - Fachbereich Rechts- und Wirtschaftswissenschaften, … - 2005

This paper analyzes liability issues in the context of internationally traded goods like hazardous waste. If waste disposers of a small open economy are judgement-proof, then the extension of liability to waste exporters distorts the factor allocation and may reduce disposal care. Hence the...

Persistent link: https://www.econbiz.de/10008464637

Contingent Capital; Economic Rationale and Design Features

Pazarbasioglu, Ceyla; Zhou, Jian-Ping; Leslé, Vanessa Le; … - International Monetary Fund (IMF) - 2011

The causes of the global financial crisis were multi-faceted but revealed still unresolved weaknesses in national and international financial oversight and resolution frameworks. In particular, many governments in the crisis-hit countries had to provide unprecedented levels of support to contain...

Persistent link: https://www.econbiz.de/10011245888

Crisis Management and Resolution; Early Lessons from the Financial Crisis

Pazarbasioglu, Ceyla; Laeven, Luc; Nedelescu, Oana M.; … - International Monetary Fund (IMF) - 2011

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience...

Persistent link: https://www.econbiz.de/10011245897

Unemployment Insurance Design: Inducing Moving and Retraining

Hassler, John; Mora, Rodríguez; Vicente, José - C.E.P.R. Discussion Papers - 2007

Evidence suggests that unemployed individuals can sometimes affect their job prospects by undertaking a costly action like deciding to move or retrain. Realistically, such an opportunity only arises for some individuals and the identity of those may be unobservable ex-ante. The problem of...

Persistent link: https://www.econbiz.de/10005504238

Risk Taking and Optimal Contracts for Money Managers

Palomino, Frédéric; Prat, Andrea - C.E.P.R. Discussion Papers - 1999

riskiness of the portfolio. This represents a departure from the existing literature on agency theory in that moral hazard is … portfolio. This represents a departure from the existing literature on agency theory in that moral hazard is not only effort …

Persistent link: https://www.econbiz.de/10005504241