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1978 : 638). Under this account, the problem is one of asymmetric information, where individuals have relatively more information about their own risk-profiles then insurance companies do. One assumption of the Rothschild and Stiglitz model is that high

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in the Eighties Carpenter, R. (1994): The Impact of Asymmetric Information on Investments . Research paper. Atlanta: Emory University

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With flexible (variable) retirement every individual determines his optimal retirement age, depending on a common benefit-retirement age schedule and his life expectancy. The government maximises the average expected lifetime utility minus a scalar multiple of the variance of the lifetime pension balances to achieve harmony between the maximisation of welfare and the minimisation of redistribution. Since the government cannot identify types by life expectancy, it must take the individual incentive compatibility constraints into account. Second-best schedules strongly reduce the variances of benefits and of retirement ages of the so-called actuarially fair system, thus achieving higher social welfare and lower redistribution.

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Ultimatum Games with Asymmetric Information and Asymmetric Payoffs. Games and Economic Behavior, 13 , 100-110. Fairness in Ultimatum Games with Asymmetric Information and Asymmetric Payoffs. Games and

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): Asymmetric Information and Risky Debt Maturity Choice . Journal of Finance , 41 ( 1 ): 19 – 37 . Gintis , H. ( 1989 ): Financial Markets and the Political Structure of the

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and Corporate Performance. In: Hubbard, R. G. (ed.): Asymmetric Information, Corporate Finance and Investment . Chicago: University of Chicago Press. Are Large Shareholders Effective Monitors? An Investigation

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Countries . Economic Modelling, 28 : 281 – 298 . Cukierman , A. — Meltzer , A. ( 1986 ): The Theory of Ambiguity, Credibility, and Inflation under Discretion and Asymmetric

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Foreign direct investment and external debt in Hungary

An attempt to examine the macroeconomic capital structure from a new perspective

Society and Economy
Authors: Iván Bélyácz and Mónika Kuti

Razin, Assaf — Sadka, Efraim — Yuen, Chi-Wa (1999): Excessive FDI Flows Under Asymmetric Information. NBER Working Paper No. 7400. Razin, Assaf — Sadka, Efraim — Yuen, Chi-Wa (2001): Why International Equity Inflows to

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, choosing a lower ranked journal where they perceive a higher probability of acceptance or a shorter editorial process or both. Thus, journal submission is a matching model (Jovanovic 1979 ) with one-sided asymmetric information that decreases

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