Competitive equilibrium with moral hazard in economies with multiple commodities
We study an economy with competitive commodity markets and exclusive pairwise contractual relations with moral hazard, where both the principal and the agent can be risk averse. We show existence of equilibria and their generic constrained suboptimality,
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|Date of creation:||Dec 1997|
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References listed on IDEAS
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- Atsushi Kajii & Antonio Villanacci & Alessandro Citanna, 1998. "Constrained suboptimality in incomplete markets: a general approach and two applications," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 11(3), pages 495-521.
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- Allen, Beth, 1981. "Utility perturbations and the equilibrium price set," Journal of Mathematical Economics, Elsevier, vol. 8(3), pages 277-307, October. Full references (including those not matched with items on IDEAS)