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Author: Christian Biener Publisher: ISBN: Category : Languages : en Pages : 34
Book Description
Incentivizing unobservable effort in risky environments, such as in insurance, credit, and labor markets, is vital as moral hazard may otherwise cause significant welfare losses including the outright failure of markets. Ensuring incentive-compatibility through state-contingent contracts between principal and agent, however, is undesirable for risk-averse agents. We provide theoretical intuition on how pro-social preferences between agents in a joint liability group contract can ensure incentive-compatibility. Two independent large-scale behavioral experiments framed in an insurance context support the hypotheses derived from our theory. In particular, effort decreases when making agents' payoff less state-dependent, but this effect is mitigated with joint liability in a group scheme where agents are additionally motivated by pro-social concerns. Activating strategic motives slightly in-creases effort further; particularly in non-anonymous groups with high network strength. The results suggest that joint liability within groups of pro-social agents is a promising policy to improve efficiency under risk and asymmetric information.
Author: Christian Biener Publisher: ISBN: Category : Languages : en Pages : 34
Book Description
Incentivizing unobservable effort in risky environments, such as in insurance, credit, and labor markets, is vital as moral hazard may otherwise cause significant welfare losses including the outright failure of markets. Ensuring incentive-compatibility through state-contingent contracts between principal and agent, however, is undesirable for risk-averse agents. We provide theoretical intuition on how pro-social preferences between agents in a joint liability group contract can ensure incentive-compatibility. Two independent large-scale behavioral experiments framed in an insurance context support the hypotheses derived from our theory. In particular, effort decreases when making agents' payoff less state-dependent, but this effect is mitigated with joint liability in a group scheme where agents are additionally motivated by pro-social concerns. Activating strategic motives slightly in-creases effort further; particularly in non-anonymous groups with high network strength. The results suggest that joint liability within groups of pro-social agents is a promising policy to improve efficiency under risk and asymmetric information.
Author: Chiara Di Francescomarino Publisher: Springer Nature ISBN: 3031416236 Category : Computers Languages : en Pages : 423
Book Description
This book constitutes the proceedings of the BPM Forum held at the 21st International Conference on Business Process Management, BPM 2023, which took place in Utrecht, The Netherlands, in September 2023. The BPM Forum hosts innovative research which has a high potential of stimulating discussions. The papers selected for the forum are expected to showcase fresh ideas from exciting and emerging topics in BPM, even if they are not yet as mature as the regular papers at the conference. The 23 full papers included in this volume were carefully reviewed and selected from a total of 151 submissions to the conference. The papers were organized in research tracks on foundations, engineering, and management.
Author: Julio Rotemberg Publisher: Andesite Press ISBN: 9781376144888 Category : History Languages : en Pages : 54
Book Description
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Author: Amy Finkelstein Publisher: Columbia University Press ISBN: 0231538685 Category : Medical Languages : en Pages : 161
Book Description
Addressing the challenge of covering heath care expenses—while minimizing economic risks. Moral hazard—the tendency to change behavior when the cost of that behavior will be borne by others—is a particularly tricky question when considering health care. Kenneth J. Arrow’s seminal 1963 paper on this topic (included in this volume) was one of the first to explore the implication of moral hazard for health care, and Amy Finkelstein—recognized as one of the world’s foremost experts on the topic—here examines this issue in the context of contemporary American health care policy. Drawing on research from both the original RAND Health Insurance Experiment and her own research, including a 2008 Health Insurance Experiment in Oregon, Finkelstein presents compelling evidence that health insurance does indeed affect medical spending and encourages policy solutions that acknowledge and account for this. The volume also features commentaries and insights from other renowned economists, including an introduction by Joseph P. Newhouse that provides context for the discussion, a commentary from Jonathan Gruber that considers provider-side moral hazard, and reflections from Joseph E. Stiglitz and Kenneth J. Arrow. “Reads like a fireside chat among a group of distinguished, articulate health economists.” —Choice
Author: William J. Congdon Publisher: Brookings Institution Press ISBN: 0815704984 Category : Business & Economics Languages : en Pages : 260
Book Description
Argues that public finance--the study of the government's role in economics--should incorporate principles from behavior economics and other branches of psychology.
Author: Reinhard Selten Publisher: Springer Science & Business Media ISBN: 3662073676 Category : Business & Economics Languages : en Pages : 292
Book Description
The four volumes of Game Equilibrium Models present applications of non-cooperative game theory. Problems of strategic interaction arising in biology, economics, political science and the social sciences in general are treated in 42 papers on a wide variety of subjects. Internationally known authors with backgrounds in various disciplines have contributed original research. The reader finds innovative modelling combined with advanced methods of analysis. The four volumes are the outcome of a research year at the Center for Interdisciplinary Studies of the University of Bielefeld. The close interaction of an international interdisciplinary group of researchers has produced an unusual collection of remarkable results of great interest for everybody who wants to be informed on the scope, potential, and future direction of work in applied game theory. Volume III Strategic Bargaining contains ten papers on game equilibrium models of bargaining. All these contributions look at bargaining situations as non-cooperative games. General models of two-person and n-person bargaining are explored.
Author: Paul A.M. Van Lange Publisher: Oxford University Press ISBN: 0199300763 Category : Psychology Languages : en Pages : 257
Book Description
One of the key scientific challenges is the puzzle of human cooperation. Why do people cooperate? Why do people help strangers, even sometimes at a major cost to themselves? Why do people want to punish others who violate norms and undermine collective interests? Reward and punishment is a classic theme in research on social dilemmas. More recently, it has received considerable attention from scientists working in various disciplines such as economics, neuroscience, and psychology. We know now that reward and punishment can promote cooperation in so-called public good dilemmas, where people need to decide how much from their personal resources to contribute to the public good. Clearly, enjoying the contributions of others while not contributing is tempting. Punishment (and reward) are effective in reducing free-riding. Yet the recent explosion of research has also triggered many questions. For example, who can reward and punish most effectively? Is punishment effective in any culture? What are the emotions that accompany reward and punishment? Even if reward and punishment are effective, are they also efficient -- knowing that rewards and punishment are costly to administer? How can sanctioning systems best organized to be reduce free-riding? The chapters in this book, the first in a series on human cooperation, explore the workings of reward and punishment, how they should be organized, and their functions in society, thereby providing a synthesis of the psychology, economics, and neuroscience of human cooperation.
Author: National Academies of Sciences, Engineering, and Medicine Publisher: National Academies Press ISBN: 0309452961 Category : Medical Languages : en Pages : 583
Book Description
In the United States, some populations suffer from far greater disparities in health than others. Those disparities are caused not only by fundamental differences in health status across segments of the population, but also because of inequities in factors that impact health status, so-called determinants of health. Only part of an individual's health status depends on his or her behavior and choice; community-wide problems like poverty, unemployment, poor education, inadequate housing, poor public transportation, interpersonal violence, and decaying neighborhoods also contribute to health inequities, as well as the historic and ongoing interplay of structures, policies, and norms that shape lives. When these factors are not optimal in a community, it does not mean they are intractable: such inequities can be mitigated by social policies that can shape health in powerful ways. Communities in Action: Pathways to Health Equity seeks to delineate the causes of and the solutions to health inequities in the United States. This report focuses on what communities can do to promote health equity, what actions are needed by the many and varied stakeholders that are part of communities or support them, as well as the root causes and structural barriers that need to be overcome.
Author: Christian Biener
Author: Christian Biener
Author: Martin Gaynor
Author: Chiara Di Francescomarino
Author: Julio Rotemberg
Author: Yenchun Jim Wu
Author: Amy Finkelstein
Author: William J. Congdon
Author: Reinhard Selten
Author: Paul A.M. Van Lange
Author: National Academies of Sciences, Engineering, and Medicine