Principal-Agent Problem with Minimum Performance Insurance: The Case of Mandatory Individual Pension Accounts
AbstractA minimum performance insurance in the Principal-Agent problemis wealth reducing to the principal. This result points to further ine±-ciencies in mandatory individual Pension Funds' contracts, particularlythe one established in the 1993's 100th Law in Colombia.
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Bibliographic InfoPaper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 005222.
Date of creation: 14 Jan 2009
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Incentives; Agency Theory; Pensions;
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- D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-01-31 (All new papers)
- NEP-BEC-2009-01-31 (Business Economics)
- NEP-CTA-2009-01-31 (Contract Theory & Applications)
- NEP-IAS-2009-01-31 (Insurance Economics)
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