While contract theory has reached a high degree of sophistication, econometric applications remain scarce. One often invoked reason is that adequate data is hard to find. We argue that insurance data fit the requirements of econometric testing especially well. Then we propose some insights on...

La proposition d'une economie de partage faite par Weitzman il y a dix ans pour reduire le chomage s'est heurtee a plusieurs objections serieuses. L'une des plus importantes etait que cette proposition conduisait a infliger aux employes un niveau de risque inacceptable. Cet article montre que le...

We investigate in this paper the attitudes towards risk of bettors in British horse races. The model we use allows us to go beyond the expected utility framework and to explore various alternative proposals by estimating a multinomial model on a 34443-race dataset. We find that rank-dependent...

This paper presents a new simulated maximum-likelihood method that rests on estimating the likelihood nonparametrically on a simulated sample. We prove that this method, which can be used on very general models, is consistent and asymptotically efficient.