The Role of Memory in Long-Term Contracting with Moral Hazard
Abstract. Lobbying competition is viewed as a delegated common agency game under moral hazard. Several interest groups try to influence a policy-maker who ...
a Common Agency Model with Moral Hazard FrictionsI show that debt securities minimize the welfare losses from the moral hazards of excessive risk-taking and lax effort. For any security design, the variance of ... MORAL HAZARD AND THE OPTIMALITY OF DEBTThis paper questions whether the link between unemployment benefits and durations is purely due to moral hazard. The analysis is motivated by evidence that many ... Moral Hazard vs. Liquidity and Optimal Unemployment Insurance ...I show that, in a benchmark model, debt securities minimize the welfare losses associated with the moral hazards of excessive risk-taking and lax effort.
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