The implementation of projects producing external effects is often a source of disagreement and conflict between hosting and non-hosting communities. The paper focuses on the impact of participatory ownership on conflict resolution and social welfare in the presence of asymmetric information and...

We study a competitive insurance market in which insurers have an imperfect informative advantage over policyholders. We show that the presence of insurers privately and heterogeneously informed about risk can explain the concentration levels, the persistent profitability and the pooling of risk...