On the validity of the first-order approach with moral hazard and hidden assets

被引：2
|
作者：
Bertola, Giuseppe [1 ,3 ,4 ,5 ]
Koeniger, Winfried [2 ,3 ,4 ,6 ]
机构：
[1] Edhec Business Sch, F-06202 Nice 3, France
[2] Univ St Gallen, Swiss Inst Empir Econ Res, Gallen, Switzerland
[3] CEPR, London, England
[4] CESifo, Munich, Germany
[5] CFS, Frankfurt, Germany
[6] IZA, Bonn, Germany
来源：
ECONOMICS LETTERS | 2014年 / 124卷 / 03期
关键词：
Hidden action; Hidden assets; Principal agent; First-order approach; PRINCIPAL-AGENT PROBLEMS; INSURANCE; TAXATION; INCOME;
D O I：
10.1016/j.econlet.2014.06.030
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
With moral hazard and anonymous asset trade, first-order conditions need not characterize effort and portfolio choices. The standard procedure for establishing validity of the first-order approach in economies with one hidden asset is not fruitful when multiple assets are hidden. (C) 2014 Elsevier B.V. All rights reserved.
引用
收藏
页码：402 / 405
页数：4
相关论文
共 50 条
  • [21] A first-order seismotectonic regionalization of Mexico for seismic hazard and risk estimation
    Ramon Zuniga, F.
    Suarez, Gerardo
    Figueroa-Soto, Angel
    Mendoza, Avith
    JOURNAL OF SEISMOLOGY, 2017, 21 (06) : 1295 - 1322
  • [22] The informativeness principle without the first-order approach
    Chaigneau, Pierre
    Edmans, Alex
    Gottlieb, Daniel
    GAMES AND ECONOMIC BEHAVIOR, 2019, 113 : 743 - 755
  • [23] Connectionist model generation:: A first-order approach
    Bader, Sebastian
    Hitzler, Pascal
    Hoelldobler, Steffen
    NEUROCOMPUTING, 2008, 71 (13-15) : 2420 - 2432
  • [24] FIRST-ORDER APPROACH TO CORRESPONDENCE AND CONGRUENCE SYSTEMS
    ARMBRUST, M
    ZEITSCHRIFT FUR MATHEMATISCHE LOGIK UND GRUNDLAGEN DER MATHEMATIK, 1973, 19 (03): : 215 - 222
  • [25] A first-order seismotectonic regionalization of Mexico for seismic hazard and risk estimation
    F. Ramón Zúñiga
    Gerardo Suárez
    Ángel Figueroa-Soto
    Avith Mendoza
    Journal of Seismology, 2017, 21 : 1295 - 1322
  • [26] A probabilistic approach toward earthquake hazard assessment using two first-order Markov models in Northeastern India
    Mohanty, William K.
    Mohapatra, Alok K.
    Verma, Akhilesh K.
    NATURAL HAZARDS, 2015, 75 (03) : 2399 - 2419
  • [27] A probabilistic approach toward earthquake hazard assessment using two first-order Markov models in Northeastern India
    William K. Mohanty
    Alok K. Mohapatra
    Akhilesh K. Verma
    Natural Hazards, 2015, 75 : 2399 - 2419
  • [28] A First-Order Differentiator with First-Order Sliding Mode Filtering
    Kikuuwe, Ryo
    Pasaribu, Rainhart
    Byun, Gyuho
    IFAC PAPERSONLINE, 2019, 52 (16): : 771 - 776
  • [29] THE FIRST-ORDER LOGIC OF CZF IS INTUITIONISTIC FIRST-ORDER LOGIC
    Passmann, Robert
    JOURNAL OF SYMBOLIC LOGIC, 2024, 89 (01) : 308 - 330
  • [30] Hidden insurance in a moral-hazard economy
    Bertola, Giuseppe
    Koeniger, Winfried
    RAND JOURNAL OF ECONOMICS, 2015, 46 (04): : 777 - 790
12345