课件综合讲座.pdfVIP

Moral Hazard Matters (Early Stage) 1. Insured s reduce the precautionary e?ort (Arrow, 1970b, Pauly, 1968 for informal discussion; Zechkhauser, 1971, Spence and Zechkhauser, 1971 for ?rst formal model). 2. Unobservable behavior lassic share-crop contract (Cheung 1969, Stiglitz, 1974). 3. Capital market, credit and lending (Jesen and Meckling, 1976; Gale and wig, 1985). 4. Theory of agency (Ross, 1973a,b). 5. Theory of entive system (Mirrlees, 1972... ). The issue of Moral Hazard happens where there is unobservable behaviour. Two Types