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Die Massenarbeitslosigkeit beherrscht die aktuelle politische Diskussion in Deutschland und ist in hohem Maße verantwortlich für die zunehmende Verschlechterung der Finanzsituation der Systeme der sozialen Sicherung. Die gesetzliche Arbeitslosenversicherung wird auch als eine der Ursachen für...
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This paper examines how, in the presence of individual risk, economic efficiency can be achieved without an … unrealistically large number of contingent claims. Market uncertainty is specified in such a way that general types of individual risk … and collective risk are properly accounted for and so that, specifically, market clearing is always satisfied ex post as …
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When formal insurance is unavailable, mutual insurance among households can serve as an alternative. This paper analyzes a game between economic agents facing uncertainty and maximizing discounted utility without enforceable contracts or access to capital markets. While autarky is always a...
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