The paper constructs an asymmetric information model to investigate the efficiency and equity cases for government mandated benefits. A mandate can improve workers' insurance, and may also redistribute in favor of more "deserving" workers. The risk is that it may also reduce output. The more...

CESifo Seminar Series "Competitive Failures in Insurance Markets Theory and Policy Implications" edited by Pierre-André Chiappori and Christian Gollier Risk sharing is a cornerstone of modern economies. It is valuable to risk-averse consumers and essential for investment and entrepreneurs. The...

The paper constructs an asymmetric information model to investigate the efficiency and equity cases for government mandated benefits. A mandate can improve workers' insurance, and may also redistribute in favor of more "deserving" workers. The risk is that it may also reduce output. The more...

This book analyzes the existence of equilibria in economies having a measured space of agents and a continuum of agents and commodities. Excessive homogeneity with respect to agent productivity leads to instability and non-uniqueness of a given stationary state and the indeterminacy of the...