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Norms, incentives and information in income insurance

Lindbeck, Assar; Persson, Mats - 2015

insured individuals. Thus, the functioning of social norms depends crucially on information, in particular on what norm … enforcers are able to observe about an insured individual's behavior. Information is also decisive when distinguishing between …

Persistent link: https://www.econbiz.de/10010482983

Stochastic contracts and subjective evaluations

Lang, Matthias - 2021

Subjective evaluations are widely used, but call for different contracts from traditional moral-hazard settings. Previous literature shows that contracts require payments to third parties, which real-world contracts rarely use. I show that the implicit assumption of deterministic contracts makes...

Persistent link: https://www.econbiz.de/10012697032

Stochastic contracts and subjective evaluations

Lang, Matthias - 2022

Subjective evaluations are widely used, but call for different contracts from classical moral-hazard settings. Previous literature shows that contracts require payments to third parties. I show that the (implicit) assumption of deterministic contracts makes payments to third parties necessary....

Persistent link: https://www.econbiz.de/10014458796

Fiduciary Rationality and Public Policy : The Theory of Agency and Some Consequences

Mitnick, Barry M. - 2015

This paper introduces the theory of agency, identifies key concepts, relationships, and logics of agency. Norms of agency are identified and discussed, including the fiduciary norm. Problems of agency are identified and discussed. Applications of agency theory are made to regulation, the...

Persistent link: https://www.econbiz.de/10014223523

Origin of the Theory of Agency : An Account By One of the Theory's Originators

Mitnick, Barry M. - 2019

The first scholars to propose, explicitly, that a theory of agency be created, and to actually begin its creation, were Stephen Ross and Barry Mitnick, independently and roughly concurrently. Ross is responsible for the origin of the economic theory of agency, and Mitnick for the institutional...

Persistent link: https://www.econbiz.de/10014223582

The Generic Possibility of Full Surplus Extraction in Models with Large Type Spaces

Gizatulina, Alia - 2017

McAfee and Reny (1992) have given a necessary and sufficient condition for full surplus extraction in naive type spaces with a continuum of payoff types. We generalize their characterization to arbitrary abstract type spaces and to the universal type space and show that in each setting, full...

Persistent link: https://www.econbiz.de/10012962521

The Complexity of CEO Compensation

Jarque, Arantxa - 2014

I study firm characteristics that justify the use of options or refresher grants in the optimal compensation packages for CEOs in the presence of moral hazard. I model explicitly the determination of stock prices as a function of the output realizations of the firm: Symmetric learning by all...

Persistent link: https://www.econbiz.de/10013047902

Insurance and Inequality with Persistent Private Information

Bloedel, Alexander W. - 2019

We study optimal insurance contracts for an agent with Markovian private information. Our main results characterize the … of private information processes. The proofs rely on novel recursive techniques and martingale arguments. When the agent …

Persistent link: https://www.econbiz.de/10012897939

Beliefs, payoffs, information : on the robustness of the BDP property in models with endogenous beliefs

Gizatulina, Alia; Hellwig, Martin - 2012 - First version: December 1, 2008, This version: March 23, 2012

Neeman (2004) and Heifetz and Neeman (2006) have shown that, in auctions with incomplete information about payoffs … parameters. They argue that the set of incomplete-information models satisfying this so-called BDP property ("beliefs determine … rich and beliefs are derived by conditioning on the available information; for any agent, this information includes his own …

Persistent link: https://www.econbiz.de/10010230371

Sequential, multidimensional screening : conference paper

Litterscheid, Sina; Szalay, Dezső - 2014

We study a sequential screening problem where the agent produces an object consisting of multiple items and has a multidimensional type that he learns over time. Depending on the strength of complementarity/substitutability of the items, the optimal allocation features a different pattern of...

Persistent link: https://www.econbiz.de/10010491117