What is Wrong with Moral Hazard and Adverse Selection Problems in the Conventional Economic Theory
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More about this item
KeywordsMoral hazard; adverse selection; uncertainty; risk; subjective probability; entrepreneurial judgment; asymmetrical information; contract incentives; compulsory insurance; betting market; free market competition as a discovery process;
- B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
- D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
- D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
- G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
NEP fieldsThis paper has been announced in the following NEP Reports:
- NEP-ALL-2014-04-18 (All new papers)
- NEP-CFN-2014-04-18 (Corporate Finance)
- NEP-COM-2014-04-18 (Industrial Competition)
- NEP-HME-2014-04-18 (Heterodox Microeconomics)
- NEP-HPE-2014-04-18 (History & Philosophy of Economics)
- NEP-IAS-2014-04-18 (Insurance Economics)
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