Agar Brugiavini Gwenaël Piaser () (CREFI-LSF, University of Luxembourg)
Abstract
Using a common agency framework, we characterize possible equilibria when annuities contracts are not exclusive. We discuss theoretical and empirical implications of these equilibria. First, we show that at equilibrium prices are not linear. Then we characterize an equilibrium. We provide conditions for existence and show that this equilibrium is efficient.
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Find related papers by JEL classification: D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information H5 - Public Economics - - National Government Expenditures and Related Policies J2 - Labor and Demographic Economics - - Demand and Supply of Labor G1 - Financial Economics - - General Financial Markets
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