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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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Distinguishing morale hazard from moral hazard in geoengineering
Environmental Law Review, 2016Geoengineering is the deliberate modification of the climate system. It has been discussed as a technique to counteract changes expected as a result of Anthropogenic Global Warming (AGW). 1 Speculation has occurred that the possibility of geoengineering will reduce or delay efforts to ...
Lockley, AJ, Coffman, DD
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Econometrica, 1985
This paper considers a repeated principal agent relationship where the principal is risk neutral, the agent is risk averse, the principal can borrow or save at a fixed interest rate, and the agent discounts future consumption. It is shown that memory plays a very strong role in every Pareto-optimal contract.
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This paper considers a repeated principal agent relationship where the principal is risk neutral, the agent is risk averse, the principal can borrow or save at a fixed interest rate, and the agent discounts future consumption. It is shown that memory plays a very strong role in every Pareto-optimal contract.
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Social Choice and Welfare, 2014
zbMATH Open Web Interface contents unavailable due to conflicting licenses.
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zbMATH Open Web Interface contents unavailable due to conflicting licenses.
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Rationality and Society, 2008
The article introduces unawareness of actions into the standard moral hazard model in contract theory. We allow the contracting party (the principal or the agent) to be unaware of his or the other party's actions. The principal may also have an incorrect belief about the awareness of the agent.
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The article introduces unawareness of actions into the standard moral hazard model in contract theory. We allow the contracting party (the principal or the agent) to be unaware of his or the other party's actions. The principal may also have an incorrect belief about the awareness of the agent.
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Moral hazard, renegotiation, and forgetfulness
Games and Economic Behavior, 2003zbMATH Open Web Interface contents unavailable due to conflicting licenses.
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International Economic Review, 1992
This paper studies the consequences of asymmetric information in the investment sector upon economic growth. In this paper, the information asymmetry generates a moral hazard problem. This moral hazard problem restricts financial arrangements. It is shown that these restrictions make even the long-run competitive equilibrium income dependent upon ...
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This paper studies the consequences of asymmetric information in the investment sector upon economic growth. In this paper, the information asymmetry generates a moral hazard problem. This moral hazard problem restricts financial arrangements. It is shown that these restrictions make even the long-run competitive equilibrium income dependent upon ...
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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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