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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
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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
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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
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Peer Effects and Incentives
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
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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
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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
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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
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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
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Capitalism corporatist şi malformaţii etatiste. Hazard moral în exteriorul corporaţiei moderne
Mihaela, Iacob; Octavian-Dragomir, Jora - In: Revista OEconomica (2012) 02
In the present article, we identify the corporation as a pluri-personal consistent “aggregate”. We treat the shareholders - managers tension as irrelevant, focusing on situations in which the “corporate” actors (the shareholding-managerial aggregate) gain in integrum social privileges,...
Persistent link: https://www.econbiz.de/10010965619
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Managementul omnipotent şi puterea stimulentelor etatiste. Hazard moral în interiorul corporaţiei moderne
Mihaela, Iacob; Octavian-Dragomir, Jora - In: Revista OEconomica (2012) 01
The logic of agency problems is that “legally” the principals are (institutionally) hampered from configuring or securing the contractual precautions they wish to enforce out of those available in a pure free market. We review topics pointing that omnipotent management phenomenon is not a...
Persistent link: https://www.econbiz.de/10010965625