Repeated Moral Hazard
Mostrando 1-1 de 1 artigos, teses e dissertações.
-
1. The private memory of aggregate shocks
In economies characterized by both aggregate and privately observed idiosyn- cratic risks we show that constrained e¢cient allocations may display non-trivial dependence on aggregate shocks. Using two period versions of both a Atkeson and Lucas (1992) preference shock model and a dynamic Mirrlees (1971) economy we show that constrained optimal allocations h
Publicado em: 07/08/2009