imperfect competition. Within a discrete choice setting with two risk types, the following main results are derived: For … intermediate levels of competition, the benefit packages of both risk types are distorted in the separating equilibrium. As the … level of competition decreases, the distortion decreases for the low risk type, but increases for the high risk type; in …

by a theory that captures responses to both the pure quality of decisions and the perceived luck of the decision maker …, in other words, a good decision with moral luck theory …