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dc.contributor.authorLisboa, Marcos de Barros
dc.date.accessioned2018-10-25T18:23:39Z
dc.date.available2018-10-25T18:23:39Z
dc.date.issued2001
dc.identifierhttps://www.scopus.com/inward/record.uri?eid=2-s2.0-0035538111&partnerID=40&md5=71ec6369cc737a211982c327389e2a88
dc.identifier.issn0938-2259
dc.identifier.urihttp://hdl.handle.net/10438/25294
dc.description.abstractThe paper analyzes a two period general equilibrium model with individual risk, aggregate uncertainty and moral hazard. There is a large number of households, each facing two individual states of nature in the second period. These states differ solely in the household's vector of initial endowments, which is strictly larger in the first state (good state) than in the second state (bad state). In the first period each household chooses a non-observable action. Higher levels of action give higher probability of the good state of nature to occur, but lower levels of utility. Households' utilities are assumed to be separable in action and the aggregate uncertainty is independent of the individual risk. Insurance is supplied by a collection of firms who behave strategically and maximize expected profits taking into account that each household's optimal choice of action is a function of the offered contract. The paper provides sufficient conditions for the existence of equilibrium and shows that the appropriate versions of both welfare theorems hold.eng
dc.language.isoeng
dc.relation.ispartofseriesEconomic Theory
dc.sourceScopus
dc.subjectGeneral equilibriumeng
dc.subjectMoral hazardeng
dc.subjectWelfare theoremseng
dc.titleMoral hazard and general equilibrium in large economieseng
dc.typeArticle (Journal/Review)eng
dc.subject.areaEconomiapor
dc.contributor.unidadefgvEscolas::EPGEpor
dc.subject.bibliodataRisco moralpor
dc.subject.bibliodataModelos econômicospor
dc.subject.bibliodataBem-estar socialpor
dc.subject.bibliodataBem-estar econômicopor
dc.contributor.affiliationFGV
dc.rights.accessRightsrestrictedAccesseng
dc.identifier.scopus2-s2.0-0035538111


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