We study a model in which risk-averse consumers obtain mutual insurance by participating voluntarily in pools. More precisely, consumers commit to contributing a fraction of their future uncertain endowment to a common pool. In exchange, they gain the right to receive a share of the total return...

In this paper, we study a two-period pure exchange economy with idiosyncratic uncertainty, moral hazard and multiple consumption goods. We consider two different market structures: contingent commodity markets on the one hand, and financial plus spot commodity markets on the other hand. We...

We extend the framework of Dubey and Geanakoplos (2002) to the case of moral hazard. We analyze the equilibrium properties of the model and we show that equal ex-ante consumers may choose to promise differently, and, as a consequence, choose different actions. This illustrates how the pool of...