risk-sharing and moral hazard is far from settled. Moreover, existing empirical study very often plague by selection … observed contracts. Empirical tests reject the hypothesis of pure risk sharing and a wide range of support for the presence of …

promised higher profitability partly because of better risk management made possible by advances in information technology and …. Because systemic risk cannot be fully privatized social insurance against it is inevitably a common pool (or open) resource …, which means that there is an incentive for financial units to over-extract in the form of excessive risk taking in the …

This paper analyzes the optimal response of the social insurance system to a rise in labor market risk. To this end, we … develop a tractable macroeconomic model with risk-free physical capital, risky human capital (labor market risk) and … (human capital) risk increases social welfare if the government adjusts the tax-and-transfer system optimally. Finally, we …

-expand because it turned social insurance against systemic risk into a common pool (or open) resource. The increased size and …

performing agent must beat the second best to receive the winner prize. We analyze a tournament with two risk averse agents …