The Welfare Economics of Insurance Contracts that pay off by Reducing Price
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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|Date of creation:||1999|
|Date of revision:|
|Contact details of provider:|| Postal: UNIVERSITY OF MINNESOTA, CENTER FOR ECONOMIC RESEARCH, DEPARTMENT OF ECONOMICS, MINNEAPOLIS MINNESOTA 35455 U.S.A.|
Web page: http://www.econ.umn.edu/
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