The paper suggests that a portion of moral hazard is due to income transfers and that this portion of moral hazard should be excluded from the welfare loss Calculations. Only the portion of moral hazard that is due to the pure price effect has conventional welfare loss implications.
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Paper provided by Minnesota - Center for Economic Research in its series Papers with number
308.
Length: 19 pages Date of creation: 1999 Date of revision: Handle: RePEc:fth:minner:308
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