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Under the conditions conjectured by Rothschild and Stiglitz (1976) as leading to extreme market failure, we show the existence of a unique incentive-efficient e
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Inter-firm rivalry and its impact on the stationarity of the economy are formalized in terms of selective efficiency that extends the Pareto and the Caldor-Hick
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Type: BOOK - Published: 2008 - Publisher:
The price of a general insurance policy for each insurer in a competitive non-cooperative market is determined by finding the Nash equilibrium of an N-player di
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Equilibrium in Competitive Insurance Markets with Ex Ante Adverse Selection and Ex Post Moral Hazard
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