Author: Jeffrey Malcolm LackerPublisher:
ISBN:
Category : Contracts
Languages : en
Pages : 72
Book Description
Optimal Contracts Under Costly State Falsification
Author: Jeffrey Malcolm LackerPublisher:
ISBN:
Category : Contracts
Languages : en
Pages : 72
Book Description
Optimal Contracts in a Dynamic Costly State Verification Model
Author: Cyril MonnetPublisher:
ISBN:
Category :
Languages : en
Pages : 45
Book Description
This paper describes optimal contracts in a dynamic costly state verification model with stochastic monitoring. An agent operates a risky project on behalf of a principal over several periods. Each period, the principal can observe the revenues from the project provided he incurs a fixed cost. We show that an optimal contract exists with the property that, in each period and for every possible revenue announcement by the agent, either the principal claims the entire proceeds from the project or promises to claim nothing in the future. This structure of payments enables the principal to minimize audit costs over the duration of the project. Those optimal contracts are such that the agent's expected income rises with time. Moreover, except in at most one period, the principal claims the entire returns of the project whenever audit occurs. We also provide conditions under which all optimal contracts must satisfy these properties.
Optimal Contracts with Costly State Verification
Author: Stefan KrasaPublisher:
ISBN:
Category : Economics
Languages : en
Pages : 35
Book Description
Contracting with Costly State Falsification
Author: Keith J. CrockerOptimal Contracts and Competitive Markets with Costly State Verification
Author: Robert M. TownsendPublisher:
ISBN:
Category : Contracts
Languages : en
Pages : 0
Book Description
Optimal Contracts and Competitive Markets with Costly State Verifications
Author: Robert M. TownsendThe Optimality of Costly State Falsification
Author: Keith J. CrockerPublisher:
ISBN:
Category : Contracts
Languages : en
Pages : 44
Book Description
Handbook of Insurance
Author: Georges DionnePublisher: Springer Science & Business Media
ISBN: 1461401550
Category : Business & Economics
Languages : en
Pages : 1133
Book Description
This new edition of the Handbook of Insurance reviews the last forty years of research developments in insurance and its related fields. A single reference source for professors, researchers, graduate students, regulators, consultants and practitioners, the book starts with the history and foundations of risk and insurance theory, followed by a review of prevention and precaution, asymmetric information, risk management, insurance pricing, new financial innovations, reinsurance, corporate governance, capital allocation, securitization, systemic risk, insurance regulation, the industrial organization of insurance markets and other insurance market applications. It ends with health insurance, longevity risk, long-term care insurance, life insurance financial products and social insurance. This second version of the Handbook contains 15 new chapters. Each of the 37 chapters has been written by leading authorities in risk and insurance research, all contributions have been peer reviewed, and each chapter can be read independently of the others.
The Economics of Risk and Insurance
Author: S. Hun SeogPublisher: John Wiley & Sons
ISBN: 140518552X
Category : Business & Economics
Languages : en
Pages : 353
Book Description
Written for advanced undergraduate and master’s level courses, this book builds from a base of asymmetric information issues to discuss a wide array of topics and is illustrated with some timely examples. Covers diverse issues such as risk aversion, expected utility, and moral hazard within the pure theory of insurance Provides a clear exposition of the necessary mathematics, a feature which cannot be found in readers on the topic Utilizes an undergraduate economics major level of math Uses the simplest economic models possible to keep the text intuitive Introduces more mathematically complex techniques such as basic optimization for students wishing to 'go further' in their analysis
Complex Security as an Optimal Contract Under Private Information
Author: Chongwoo ChoePublisher:
ISBN:
Category : Corporations
Languages : en
Pages : 44
Book Description