Moral Hazard And Bargaining Over Incentive Contracts
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Author | : Amy Finkelstein |
Publisher | : Columbia University Press |
Total Pages | : 161 |
Release | : 2014-12-02 |
Genre | : Medical |
ISBN | : 0231538685 |
Addressing the challenge of covering heath care expenses—while minimizing economic risks. Moral hazard—the tendency to change behavior when the cost of that behavior will be borne by others—is a particularly tricky question when considering health care. Kenneth J. Arrow’s seminal 1963 paper on this topic (included in this volume) was one of the first to explore the implication of moral hazard for health care, and Amy Finkelstein—recognized as one of the world’s foremost experts on the topic—here examines this issue in the context of contemporary American health care policy. Drawing on research from both the original RAND Health Insurance Experiment and her own research, including a 2008 Health Insurance Experiment in Oregon, Finkelstein presents compelling evidence that health insurance does indeed affect medical spending and encourages policy solutions that acknowledge and account for this. The volume also features commentaries and insights from other renowned economists, including an introduction by Joseph P. Newhouse that provides context for the discussion, a commentary from Jonathan Gruber that considers provider-side moral hazard, and reflections from Joseph E. Stiglitz and Kenneth J. Arrow. “Reads like a fireside chat among a group of distinguished, articulate health economists.” —Choice
Author | : Rick Antle |
Publisher | : Springer Science & Business Media |
Total Pages | : 334 |
Release | : 2007-02-15 |
Genre | : Business & Economics |
ISBN | : 0387303995 |
The integration of accounting and the economics of information developed by Joel S. Demski and those he inspired has revolutionized accounting thought. This volume collects papers on accounting theory in honor of Professor Demski. The book also contains an extensive review of Professor Demski’s own contributions to the theory of accounting over the past four decades.
Author | : Patrick Bolton |
Publisher | : MIT Press |
Total Pages | : 746 |
Release | : 2004-12-10 |
Genre | : Business & Economics |
ISBN | : 9780262025768 |
A comprehensive introduction to contract theory, emphasizing common themes and methodologies as well as applications in key areas. Despite the vast research literature on topics relating to contract theory, only a few of the field's core ideas are covered in microeconomics textbooks. This long-awaited book fills the need for a comprehensive textbook on contract theory suitable for use at the graduate and advanced undergraduate levels. It covers the areas of agency theory, information economics, and organization theory, highlighting common themes and methodologies and presenting the main ideas in an accessible way. It also presents many applications in all areas of economics, especially labor economics, industrial organization, and corporate finance. The book emphasizes applications rather than general theorems while providing self-contained, intuitive treatment of the simple models analyzed. In this way, it can also serve as a reference for researchers interested in building contract-theoretic models in applied contexts.The book covers all the major topics in contract theory taught in most graduate courses. It begins by discussing such basic ideas in incentive and information theory as screening, signaling, and moral hazard. Subsequent sections treat multilateral contracting with private information or hidden actions, covering auction theory, bilateral trade under private information, and the theory of the internal organization of firms; long-term contracts with private information or hidden actions; and incomplete contracts, the theory of ownership and control, and contracting with externalities. Each chapter ends with a guide to the relevant literature. Exercises appear in a separate chapter at the end of the book.
Author | : Philippe Aghion |
Publisher | : Oxford University Press |
Total Pages | : 224 |
Release | : 2015-12-22 |
Genre | : Business & Economics |
ISBN | : 0190259019 |
The 1986 article by Sanford J. Grossman and Oliver D. Hart titled "A Theory of Vertical and Lateral Integration" has provided a framework for understanding how firm boundaries are defined and how they affect economic performance. The property rights approach has provided a formal way to introduce incomplete contracting ideas into economic modeling. The Impact of Incomplete Contracts on Economics collects papers and opinion pieces on the impact that this property right approach to the firm has had on the economics profession.
Author | : Rohan Pitchford |
Publisher | : |
Total Pages | : 18 |
Release | : 1997 |
Genre | : |
ISBN | : |
Author | : Gary J. Miller |
Publisher | : Cambridge University Press |
Total Pages | : 276 |
Release | : 1992 |
Genre | : Business & Economics |
ISBN | : 9780521457699 |
Managerial Dilemmas extends the use of analytical techniques from organisational economics to the spheres of organisational culture and leadership in politics and business.
Author | : Michael Balch |
Publisher | : North-Holland |
Total Pages | : 464 |
Release | : 1974 |
Genre | : Business & Economics |
ISBN | : |
Author | : Jean-Jacques Laffont |
Publisher | : Princeton University Press |
Total Pages | : 436 |
Release | : 2009-12-27 |
Genre | : Business & Economics |
ISBN | : 1400829453 |
Economics has much to do with incentives--not least, incentives to work hard, to produce quality products, to study, to invest, and to save. Although Adam Smith amply confirmed this more than two hundred years ago in his analysis of sharecropping contracts, only in recent decades has a theory begun to emerge to place the topic at the heart of economic thinking. In this book, Jean-Jacques Laffont and David Martimort present the most thorough yet accessible introduction to incentives theory to date. Central to this theory is a simple question as pivotal to modern-day management as it is to economics research: What makes people act in a particular way in an economic or business situation? In seeking an answer, the authors provide the methodological tools to design institutions that can ensure good incentives for economic agents. This book focuses on the principal-agent model, the "simple" situation where a principal, or company, delegates a task to a single agent through a contract--the essence of management and contract theory. How does the owner or manager of a firm align the objectives of its various members to maximize profits? Following a brief historical overview showing how the problem of incentives has come to the fore in the past two centuries, the authors devote the bulk of their work to exploring principal-agent models and various extensions thereof in light of three types of information problems: adverse selection, moral hazard, and non-verifiability. Offering an unprecedented look at a subject vital to industrial organization, labor economics, and behavioral economics, this book is set to become the definitive resource for students, researchers, and others who might find themselves pondering what contracts, and the incentives they embody, are really all about.
Author | : Robert Gibbons |
Publisher | : Princeton University Press |
Total Pages | : 1248 |
Release | : 2013 |
Genre | : Business & Economics |
ISBN | : 0691132798 |
(E-book available via MyiLibrary) In even the most market-oriented economies, most economic transactions occur not in markets but inside managed organizations, particularly business firms. Organizational economics seeks to understand the nature and workings of such organizations and their impact on economic performance. The Handbook of Organizational Economics surveys the major theories, evidence, and methods used in the field. It displays the breadth of topics in organizational economics, including the roles of individuals and groups in organizations, organizational structures and processes, the boundaries of the firm, contracts between and within firms, and more.
Author | : Eric Brousseau |
Publisher | : Cambridge University Press |
Total Pages | : 604 |
Release | : 2002-10-17 |
Genre | : Business & Economics |
ISBN | : 9780521893138 |
A 2002 survey of economics of contracts appealing to scholars in economics, management and law.