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

  • Tim Worall
  • Jonathan P Thomas

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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File URL: http://www.keele.ac.uk/depts/ec/t_worrall/social.pdf
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File URL: http://repec.org/sed2005/up.20450.1105549351.pdf
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Paper provided by Society for Economic Dynamics in its series 2005 Meeting Papers with number 158.

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Date of creation: 2005
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Handle: RePEc:red:sed005:158
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Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA

Web page: http://www.EconomicDynamics.org/
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  1. Jonathan Thomas & Tim Worrall, 1988. "Self-Enforcing Wage Contracts," Review of Economic Studies, Oxford University Press, vol. 55(4), pages 541-554.
  2. Ethan Ligon & Jonathan P. Thomas & Tim Worrall, 2000. "Mutual Insurance, Individual Savings and Limited Commitment," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 3(2), pages 216-246, April.
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