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A History of the Term “Moral Hazard”
Journal of Risk and Insurance, 2012AbstractThe term “moral hazard” when interpreted literally has a strong rhetorical tone, which has been used by stakeholders to influence public attitudes to insurance. In contrast, economists have treated moral hazard as an idiom that has little, if anything, to do with morality.
Rowell, David, Connelly, Luke B.
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Moral Dimensions of Moral Hazards
Utilitas, 2013‘Moral hazard’ is an economic term which commonly refers to situations in which people have a tendency to increase their exposure to risk when the costs of their actions, should they get unlucky, befall someone else. Once insured, for example, a person might have little reason, financially speaking, to be careful if he will get fully reimbursed for his
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, 1999 When a principal and an agent operate with simple contracts, at equilibrium, renegotiation will occur after the action is taken. Also, since renegotiation makes incentive contracts non-credible, the principal may prefer non-renegotiable monitoring options.
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The Quarterly Journal of Economics, 1979
Moral hazard refers here to the tendency of insurance protection to alter an individual’s motive to prevent loss. This affects expenses for the insurer and therefore, ultimately, the cost of coverage for individuals. Beginning with Arrow [1963] and Pauly [1968], economists have discussed two partial solutions to the problem of moral hazard: (i ...
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Moral hazard refers here to the tendency of insurance protection to alter an individual’s motive to prevent loss. This affects expenses for the insurer and therefore, ultimately, the cost of coverage for individuals. Beginning with Arrow [1963] and Pauly [1968], economists have discussed two partial solutions to the problem of moral hazard: (i ...
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Simple Models of Operating Moral Hazard and Investing Moral Hazard
2009In this paper, we depict and analyze simple models of moral hazard, namely “operating moral hazard” and “investing moral hazard.” First we assume that a corporation exists primarily for the benefit of their shareholders. Then, moral hazard occurs when managers choose an option knowingly that is not optimum for shareholders.
Ijiri, Yuji, Nan, Lin
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Moral Hazard or Moral Imperative?
2016China’s binge investments since 2008 have racked up a huge amount of debt in its financial system. Much of it went for fixed asset investments, especially property development. This raises the concern that if the Chinese property bubble was to burst, it could lead to a Minsky moment (see below), followed by a devastating Lehman moment and a financial ...
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Moral hazard and debt maturity
Journal of Financial IntermediationWe present a model of the maturity of a bank's uninsured debt. The bank borrows funds and chooses afterwards the riskiness of its assets. This moral hazard problem leads to an excessive level of risk. Short-term debt may have a disciplining effect on the bank's risk-shifting incentives, but it may lead to inefficient liquidation.
Gur Huberman, Rafael Repullo
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Encyclopedia of Creativity, Invention, Innovation and Entrepreneurship, 2020
T. Moloi, T. Marwala
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T. Moloi, T. Marwala
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