decline. While participating contracts embedding these guarantees are designed to share market risk across investor cohorts … when guarantees are not binding, we study how binding guarantees distort inter-cohort risk sharing. Using regulatory data … on participating contracts in Germany, we find that binding guarantees reduced inter-cohort transfer by 10 basis points …

decline. While participating contracts embedding these guarantees are designed to share market risk across investor cohorts … when guarantees are not binding, we study how binding guarantees distort inter-cohort risk sharing. Using regulatory data … on participating contracts in Germany, we find that binding guarantees reduced inter-cohort transfer by 10 basis points …

We develop and estimate a model of dynamic interactions in which commitment is limited and contracts are incomplete to … each other through both formal contracts and informal agreements, that is, self-enforcing agreements specifying voluntary … to self-enforcement bind with positive probability and formal contracts are used to reduce this probability. …

-leisure trade-off. We allow workers a choice between two contracts: a piece rate contract, wherein he is paid per unit of service … simulate elasticities and the effects of ex ante reforms on physician contracts. Our results show that physician services and …