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Organizations in Economic Analysis

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  • John H. Boyd
  • Edward C. Prescott
  • Bruce D. Smith

Abstract

Three economic environments are reviewed and, in each, organizations play an essential role. For an adve rse selection insurance economy, the authors find that when mutual in surance arrangements are permitted, an equilibrium necessarily exists and is optimal. This example, and two others, illustrate the problem s that may result from imposing organizational structure on an enviro nment rather than permitting the structure to be determined endogenou sly.

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Bibliographic Info

Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 21 (1988)
Issue (Month): 3 (August)
Pages: 477-91

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Handle: RePEc:cje:issued:v:21:y:1988:i:3:p:477-91

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Cited by:
  1. Zou, L., 1989. "Ownership structure and efficiency: An incentive mechanism approach," Discussion Paper 1989-55, Tilburg University, Center for Economic Research.
  2. Asheim, Geir B. & Nilssen, Tore, 1996. "Non-discriminating renegotiation in a competitive insurance market," European Economic Review, Elsevier, vol. 40(9), pages 1717-1736, December.
  3. Lacker, J.M. & Weinberg, J.A., 1990. "A "Coalition Proof" Equilibrium For A Private Information Credit Economy," Purdue University Economics Working Papers 994, Purdue University, Department of Economics.
  4. Hakenes, Hendrik & Schnabel, Isabel, 2006. "The Threat of Capital Drain: A Rationale for Public Banks?," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 107, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  5. Kahn, Charles M. & Mookherjee, Dilip, 1995. "Market failure with moral hazard and side trading," Journal of Public Economics, Elsevier, vol. 58(2), pages 159-184, October.
  6. Emiliya Lazarova & Peter Borm & Bas Velzen, 2011. "Coalitional games and contracts based on individual deviations," TOP: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer, vol. 19(2), pages 507-520, December.
  7. Kilenthong, Weerachart T. & Qin, Cheng-Zhong, 2014. "Trade through endogenous intermediaries," Journal of Mathematical Economics, Elsevier, vol. 50(C), pages 262-268.
  8. Lazarova, E.A. & Borm, P.E.M. & Velzen, S. van, 2005. "Contracts and Insurance Group Formation by Myopic Players," Discussion Paper 2005-89, Tilburg University, Center for Economic Research.
  9. Krasa, Stefan, 1999. "Unimprovable Allocations in Economies with Incomplete Information," Journal of Economic Theory, Elsevier, vol. 87(1), pages 144-168, July.
  10. Cheng Wang & Stephen D. Williamson, 1993. "Adverse Selection in Credit Markets with Costly Screening," Finance 9310001, EconWPA, revised 02 Nov 1993.
  11. Jeffrey M. Lacker & John A. Weinberg, 1995. "The coalition-proof core in adverse selection economies," Working Paper 94-09, Federal Reserve Bank of Richmond.
  12. Daripa, Arup, 2008. "Optimal collective contract without peer information or peer monitoring," Journal of Development Economics, Elsevier, vol. 86(1), pages 147-163, April.
  13. Pierre Picard, 2009. "Participating insurance contracts and the Rothschild-Stiglitz equilibrium puzzle," Working Papers hal-00413825, HAL.
  14. Alberto Bisin & Piero Gottardi, 2005. "Efficient Competitive Equilibria with Adverse Selection," CESifo Working Paper Series 1504, CESifo Group Munich.
  15. Pamela Labadie, 2007. "Anonymity and Individual Risk," 2007 Meeting Papers 637, Society for Economic Dynamics.

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