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Unemployment Insurance under Moral Hazard and Limited Commitment: Public versus Private Provision

This paper analyses a model of private unemployment insurance under limited commitment and a model of public unemployment insurance subject to moral hazard in an economy with a continuum of agents and an infinite time horizon. The dynamic and steady-state properties of the private unemployment insurance scheme are established.Theinteractionbetweenthepublicandprivateunemploymentinsurance schemes is examined. Examples are constructed to show that for some parameter values increased public insurance can reduce welfare by crowding out private insurance more than one-to-one and that for other parameter values a mix of both public and private insurance can be welfare maximising.

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Paper provided by Edinburgh School of Economics, University of Edinburgh in its series ESE Discussion Papers with number 95.

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Length: 33
Date of creation: Oct 2002
Date of revision:
Handle: RePEc:edn:esedps:95
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