Social Norms and Moral Hazard
The probability of income loss depends on talent and effort. Effort has positive externalities and therefore individuals are awarded status in proportion to their perceived diligence. The social norm requires more effort from individuals perceived as more talented. But talent is private information and individuals cuningly choose effort so as to manipulate the public perception of their talent. We analyze the workings of social insurance system in this setting.
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|Date of creation:||1997|
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