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Redistribution with performance pay
Doligalski, Pawel; Ndiaye, Abdoulaye; Werquin, Nicolas - 2020
Half of the jobs in the U.S. feature pay-for-performance. We study nonlinear income taxation in a model where such contracts arise in private labor markets that are constrained by moral hazard frictions. We derive novel formulas for the incidence of arbitrarily nonlinear reforms of a given tax...
Persistent link: https://www.econbiz.de/10012212848
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The Effects of Wealth on Health Care Spending : Evidence from the Housing Market
Lovenheim, Michael F.; Yun, Jun Hyun - National Bureau of Economic Research - 2024
The U.S. healthcare system requires substantial out-of-pocket payments by most consumers, which can prevent some from receiving needed medical services. Recent policy proposals seek to address this problem by increasing government health care spending in order to reduce out-of-pocket costs. The...
Persistent link: https://www.econbiz.de/10014635692
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Long-term contracting in a changing world
Pavan, Alessandro - 2007
I study the properties of optimal long-term contracts in an environment in which the agent's type evolves stochastically over time. The model stylizes a buyer-seller relationship but the results apply quite naturally to many contractual situations including regulation and optimal...
Persistent link: https://www.econbiz.de/10008665285
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Jocul ciclic – Statele Unite ale Americii versus Coreea de Nord din unghiul teoriei mutărilor strategice
Alexandru, Georgescu - In: Revista OEconomica (2011) 04
It is found that the “Theory of Moves” is adequate in a Cold War scenario, with functionally equal participants, such as the Cuban Missile Crisis. The destabilization of normal incentive systems, under power and information asymmetry, is what prevents an equilibrium from being reached, as...
Persistent link: https://www.econbiz.de/10010965563
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A two-sided reputation result with long run
Atakan, Alp; Ekmekci, Mehmet - 2009
, i.e., a two-sided reputation result would hold. In this note we show that this conjecture is indeed true for a wide set … of stage games for which the one-sided reputation result of Atakan and Ekmekci (2008) holds. -- Repeated Games … ; Reputation ; Equal Discount Factor ; Long-run Players ; War of Attrition …
Persistent link: https://www.econbiz.de/10008665867
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Has moral hazard become a more important factor in managerial compensation?
Gayle, George-Levi; Miller, Robert Allen - In: The American economic review 99 (2009) 5, pp. 1740-1769
Persistent link: https://www.econbiz.de/10003936335
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Securitization and moral hazard : evidence from a lender cutoff rule
Bubb, Ryan; Kaufman, Alex - 2009
Credit score cutoff rules result in very similar potential borrowers being treated differently by mortgage lenders. Recent research has used variation induced by these rules to investigate the connection between securitization and lender moral hazard in the recent financial crisis. However, the...
Persistent link: https://www.econbiz.de/10003941871
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Financial constraints and moral hazard : the case of franchising
Fan, Ying; Kühn, Kai-Uwe; Lafontaine, Francine - 2013
Financial constraints are an important impediment to the growth of small businesses. We study theoretically and empirically how the financial constraints of agents affect their decisions to exert effort, and, hence the organizational decisions and growth of principals, in the context of...
Persistent link: https://www.econbiz.de/10010202908
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Student loans and repayment : theory, evidence and policy
Lochner, Lance; Monge-Naranjo, Alexander - 2014
Rising costs of and returns to college have led to sizeable increases in the demand for student loans in many countries. In the U.S., student loan default rates have also risen for recent cohorts as labor market uncertainty and debt levels have increased. We discuss these trends as well as...
Persistent link: https://www.econbiz.de/10010457242
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Securitization and moral hazard : evidence from credit score cutoff rules
Bubb, Ryan; Kaufman, Alex - 2011 - This version: August 30, 2011
Mortgage originators use credit score cutoff rules to determine how carefully to screen loan applicants. Recent research has hypothesized that these cutoff rules result from a securitization rule of thumb. Under this theory, an observed jump in defaults at the cutoff would imply that...
Persistent link: https://www.econbiz.de/10009298472