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  • 1
    Electronic Resource
    Electronic Resource
    Springer
    The Geneva risk and insurance review 22 (1997), S. 81-101 
    ISSN: 1554-9658
    Keywords: insurance ; adverse selection ; multidimensional screening ; multiple risks ; bundling
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article extends the standard adverse-selection model for competitive insurance markets, which assumes a single source of risk, to the case where individuals are subject to multiple risks. We compare the following market situations—the case where insurers can offer comprehensive policies against all sources or risks (complete contracts) and the case where different risks are covered by separate policies (incomplete contracts). In the latter case, we consider whether the insurer of a particular risk has perfect information regarding an individual's coverage against other sources of risks. The analysis emphasizes the informational role of bundling in multidimensional screening. When the market situation allows bundling, it is shown that in equilibrium the low-risk type with respect to a particular source of risk does not necessarily obtain partial coverage against that particular risk.
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  • 2
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    The Geneva risk and insurance review 22 (1997), S. 73-79 
    ISSN: 1554-9658
    Keywords: insurance ; adverse selection ; competitive outcomes
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We are honored to address the European Group of Risk and Insurance Economists and will take the opportunity to make some reflections on the rather uneasy relationship between insurance and competition. Economists generally prescribe competition as a solution for markets that do not work well. Competition allocates resources efficiently and encourages innovation and attention to what customers want. Insurance markets differ from most other markets because in insurance markets competition can destroy the market rather than make it work better. One of the dimensions along which insurance companies compete is underwriting—trying to ensure that the risks covered are “good” risks or that if a high risk is insured, the premium charged is at least commensurate with the potential cost. The resulting partitioning of risk limits the amount of insurance that potential insurance customers can buy. In the extreme case, such competitive behavior will destroy the insurance market altogether. A simple model illustrates.
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  • 3
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    The Geneva risk and insurance review 22 (1997), S. 135-150 
    ISSN: 1554-9658
    Keywords: insurance ; adverse-selection ; Bayesian learning
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In the classic Rothschild-Stiglitz model of adverse selection in a competitive environment, we analyse a “no-claims bonus” type contract (bonus-malus). We show that, under full insurance coverage, if the insurance company applies Bayes's rule to learn about client probability types over time and uses this information in premium calculations for contract renewals, then there exist conditions under which all client types strictly prefer the Bayesian updating contract to the classic Rothschild-Stiglitz separating equilibrium.
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  • 4
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    Annals of operations research 2 (1984), S. 285-316 
    ISSN: 1572-9338
    Keywords: Regulation ; shadow price ; economics ; markets ; natural gas
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Notes: Abstract Inclusion of the shadow prices for natural gas in a dynamic fuels model for the United States shows that the primary reason for the relatively large, fly-up in new marginal gas prices in the early 1980's was the release of the pent-up price effects of the U.S. government's price regulations. In accordance with principles, the shadow price of natural gas fell siginificantly following de-regulation of the highcost gas (section 107) in 1980, which represented the precursor for downward adjustments in marginal wellhead prices of new high-cost gas and drilling activity. The modeling results show that no significant fly-up in new marginal gas prices for lower-cost gas (section 102) is likely to occur in 1985, when its phased de-regulation ends and it is finally de-regulated, because no shadow price precursor currently exists for this gas. Shadow price principles clear up the primary misconceptions with regard to natural gas pricing. This application indicates the significance of shadow price principles for regulated pricing in general.
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  • 5
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    Annals of operations research 73 (1997), S. 299-321 
    ISSN: 1572-9338
    Keywords: Discriminant Analysis ; linear programming ; Data Envelopment Analysis ; insurance
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Notes: Abstract Data Envelopment Analysis (DEA) and Discriminant Analysis (DA) are similar in that both may be used to classify units as exhibiting either good or poor performance. Both use linear programming to select a set of factor weights that determines group membership relative to a "threshold" or hyperplane. This similarity was pointed out in an earlier paper, in which several methods which combine aspects of DA and DEA were suggested. This paper further develops one of these hybrid methods, which can be described as an efficiency approach to Discriminant Analysis. The various formulation options are considered with respect to their effects on solution quality and stability. The stability issue is raised by the fact that solution equivalence under data transformation (including both translation and rotation) is considered important in DA, and has significantly affected model formulation. Thus, the data transformation issue is studied for the hybrid method, and also for DEA. The hybrid method is applied to an insurance data set, where some firms are solvent and others in financial distress, to further evaluate the method and its possible formulations. DA methods are applied to the same data set to provide a basis for comparison. The hybrid method is shown to outperform the general discriminant models.
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  • 6
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    Journal of risk and uncertainty 12 (1996), S. 77-90 
    ISSN: 1573-0476
    Keywords: moral hazard ; monitor costs ; insurance ; government regulation ; government intervention ; riskinfluencing goods
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract When insurance firms can monitor with non-prohibitive costs the consumption of risk-influencing goods by an insured, they have incentives to tax-subsidize the insured's consumption of the goods. If the government cannot monitor at a lower cost than private insurers, intervention is neither needed nor desirable. Where the government does have a monitoring-cost advantage, it cannot achieve a constrained optimum by commodity tax-subsidies alone. It must also augment the level of insurance and, in some cases, prohibit private tax-subsidies by insurers. Such “invasive” intervention can be avoided if the government regulates the consumption of the risk-influencing goods.
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  • 7
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    Journal of risk and uncertainty 14 (1997), S. 25-39 
    ISSN: 1573-0476
    Keywords: insurance ; portfolios ; expected utility
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Holding more of the riskless asset and insuring the risky asset are two ways to reduce portfolio risk. These methods can be employed jointly. As a result, the amount of insurance selected to indemnify against possible losses from holding a risky asset depends, in general, on the quantities of the risky and riskless assets held in the portfolio, and vice versa. In decision models where expected utility is maximized, relatively little has been done to integrate these two decisions into a single model. Such a model is formulated in this paper and the interaction between the demand for insurance and the demand for an insurable risky asset is examined.
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    Journal of risk and uncertainty 15 (1997), S. 201-219 
    ISSN: 1573-0476
    Keywords: Long-term care ; insurance ; bequests
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Adverse selection, moral hazard, and crowding out by public insurance have all been proposed as theoretical reasons for why the market for private long-term care insurance has been slow to evolve in the U.S. Using national samples of the elderly and near elderly, this study investigates which is most important. The data contain direct measures of risk aversion, expectations of future nursing home use and living to old age, and the bequest motive. For both groups, we find evidence of adverse selection, and, for the elderly, crowding out of private long-term care insurance by Medicaid. However, we do not find that demand for such insurance is motivated either by bequest or exchange motives.
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    Journal of risk and uncertainty 15 (1997), S. 221-239 
    ISSN: 1573-0476
    Keywords: Willingness to pay ; insurance ; life expectancy ; statistical life ; aging
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We estimate the value of a ‘blip’, i.e. an immediate small reduction, in the hazard rate for a random sample of Swedes. Since the risk reduction is age-independent (2 ‘extra saved lives’ out of 10,000 during the next year), we can examine how the value of a statistical life varies with age. We also show how blip data can be used to obtain a lower bound for the value of a permanent change in an individual's hazard rate. The value of a life exhibits an inverted-U shape with respect to age, peaking at the age of 40, and lies within the $3 to $7 million interval where most reasonable estimates are clustered according to Viscusi's (1992) survey.
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  • 10
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    Journal of risk and uncertainty 12 (1996), S. 239-255 
    ISSN: 1573-0476
    Keywords: risk analysis ; risk management ; insurance ; organizations ; probability
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Industries that deal with hazardous systems are faced with the task of managing a spectrum of risks within resource contraints. They have essentially two options that can be combined in a global risk-management strategy: insurance (loss sharing) and risk mitigation through technical and organizational measures. In this article, global risk-management strategies based on probabilistic risk analysis and its extension to include management factors are described. Some issues and solutions are illustrated through practical examples, drawn mostly from the recent research of the Industrial Engineering Risk Research Group at Stanford (the tiles of the U.S. Space Shuttle, offshore platforms, marine pipelines, and anesthesia in modern hospitals).
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  • 11
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    Journal of risk and uncertainty 12 (1996), S. 65-76 
    ISSN: 1573-0476
    Keywords: long-term care ; insurance ; economics of the family
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The growing demand for long-term care (LTC) causes the relationship between children and their parents to gain increased importance for society. Parents may create incentives for children to provide LTC through bequests, or they may purchase LTC insurance. While these instruments have been analyzed separately in the literature, this article shows that optimal LTC insurance must be small in the presence of bequests. Thus, the failure of private LTC insurance to diffuse into middle-class households may be explained by the fact that the bequest instrument is fully available to the current generation of parents, who for the first time since 1914 are in a position to bequeath an intact stock of capital in major industrialized countries.
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  • 12
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    Journal of risk and uncertainty 12 (1996), S. 147-170 
    ISSN: 1573-0476
    Keywords: asbestos ; risk ; tort liability ; insurance
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The level of asbestos risk varies widely, with insulation workers facing risks many orders of magnitude greater than other groups, such as school children. After a period of regulatory neglect, asbestos risks are now among the mos stringently regulated risks, with costs per case of cancer prevented on the order of $100 million. Asbestos litigation triggered much of the public action against asbestos, as asbestos cases constituted the majority of all product liability cases in the federal courts from 1988 to 1991. The litigation costs have, however, been substantial, almost three times as great as the amounts transferred to asbestos disease victims. Risk communication potentially could promote efficient risk levels and victim compensation.
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    Journal of risk and uncertainty 12 (1996), S. 171-187 
    ISSN: 1573-0476
    Keywords: natural hazards protective behavior ; insurance ; building codes
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Losses from natural disasters have increased in recent years due to growth of population in hazard-prone areas and inadequate enforcement of building codes. This article first examines why homeowners have not voluntarily adopted cost-effective protective measures and have limited interest in purchasing insurance. It then proposes a disaster-management program which utilizes insurance coupled with well-enforced building codes to reduce future damage. Banks and financial institutions play a key role in this program by requiring inspections of homes as a condition for a mortgage. New forms of reinsurance coverage against catastrophic losses from natural disasters are necessary to protect insurers against potential insolvency from the next mega-disaster.
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  • 14
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    Economic theory 10 (1997), S. 79-98 
    ISSN: 1432-0479
    Keywords: JEL Classification Numbers: D51 ; C71 ; D84 ; E32.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary. A sunspot equilibrium (SSE) is based on some extrinsic randomizing device (RD). We analyze the robustness of SSE. (1) We say that an SSE allocation is robust to refinements if it is also an SSE allocation based on any refinement of its RD. (2) We introduce two core concepts for analyzing the robustness of SSE in the face of cooperative-coalition formation. In the first, the blocking allocations are based on the RD that defines the SSE. In the second (stronger) core concept, coalitions select their own RDs. For the convex economy with restricted market participation, SSE allocations are robust under each of the definitions and the cores converge on replication of the economy to the set of SSE allocations. For the economy with an indivisible good, SSE allocations are not always robust. We provide examples of each of the following: (i) an SSE allocation that is not robust to refinement, (ii) an SSE allocation that is in neither core, (iii) an SSE allocation that is in the first core, but not in the second, and (iv) a core that does not converge upon replication to the set of SSE allocations.
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  • 15
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    Economic theory 9 (1996), S. 169-178 
    ISSN: 1432-0479
    Keywords: JEL Classification Numbers: D51 ; D84 ; E32.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary. We show that a finite, competitive economy is immune to sunspots if (i) preferences are strictly convex, (ii) the set of feasible allocations is convex, and (iii) the contingent-claims market is perfect. The conditions (i)—(ii) cover some, but not all, economies with nonconvex technologies. Based on an indivisible-good example, we show that even economies with strictly convex preferences and full insurance are not in general immune from sunspots. We also show that (1) the sufficient conditions (i)—(iii) are not necessary for sunspot immunity and (2) ex-ante efficiency is not necessary for immunity from sunspots.
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  • 16
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    Economic theory 10 (1997), S. 483-495 
    ISSN: 1432-0479
    Keywords: JEL Classification Numbers: E32 ; D84 ; C62.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary. In this paper, I study the existence of Sunspot Equilibria in a general framework whose dynamics allow for the presence of predetermined variables in the system. The main motivation for this research comes from the fact that previous studies did not allow for such predetermined variables which, nevertheless, appear quite naturally in economic models. I show, for a non-negligible subset of dynamics with predetermined variables verifying usual assumptions, the existence of Stationary Sunspot Equilibria fluctuating between an arbitrary finite number of states arbitrarily close to a steady state.
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  • 17
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    Economic theory 8 (1996), S. 423-459 
    ISSN: 1432-0479
    Keywords: JEL Classification Numbers: D5 ; D84 ; G12.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary. We construct an endogenous state space in an exchange economy with possibly infinite horizon. Every period agents trade securities whose payoffs depend on future dividends and asset prices. We reject the perfect foresight assumption on the ground that agents have not only limited knowledge of other individuals’ endowments and preferences, but also limited capacity to compute equilibria. We choose instead absence of arbitrage as the principle which allows agents to determine if a system of future prices is possible. We give an alogrithm to compute the set of nonarbitrage prices every period, with both finite and infinite horizon. We then apply this endogenous structure of uncertainty to an infinite horizon temporary equilibrium model.
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  • 18
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    Economic theory 8 (1996), S. 489-520 
    ISSN: 1432-0479
    Keywords: JEL Classification Numbers: D5 ; D84 ; G12.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary. This paper studies the effect of correlation in the rational beliefs of agents on the volatility of asset prices. We use the technique of generating variables to study stable and non-stationary processes needed to characterize rational beliefs. We then examine how the stochastic interaction among such variables affects the behavior of a wide class of Rational Belief Equilibria (RBE). The paper demonstrates how to construct a consistent price state space and then shows the existence of RBE for any economy for which such price state space is constructed. Next, the results are used to study the volatility of asset prices via numerical simulation of a two agents model. If beliefs of agents are uniformly dispersed and independent, we would expect heterogeneity of beliefs to have a limited impact on the fluctuations of asset prices. On the other hand, our results show that correlation across agents can have a complex and dramatic effect on the volatility of prices and thus can be the dominant factor in the fluctuation of asset prices. The mechanism generating this effect works through the clustering of beliefs in states of different levels of agreement. In states of agreement the conditional forecasts of the agents tend to fluctuate together inducing more volatile asset prices. In states of disagreement the conditional forecasts fluctuate in diverse directions tending to cancel each other’s effect on market demand and resulting in reduced price volatility.
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    Economic theory 8 (1996), S. 423-459 
    ISSN: 1432-0479
    Keywords: D5 ; D84 ; G12
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary We construct an endogenous state space in an exchange economy with possibly infinite horizon. Every period agents trade securities whose payoffs depend on future dividends and asset prices. We reject the perfect foresight assumption on the ground that agents have not only limited knowledge of other individuals' endowments and preferences, but also limited capacity to compute equilibria. We choose instead absence of arbitrage as the principle which allows agents to determine if a system of future prices is possible. We give an alogrithm to compute the set of nonarbitrage prices every period, with both finite and infinite horizon. We then apply this endogenous structure of uncertainty to an infinite horizon temporary equilibrium model.
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    Economic theory 8 (1996), S. 521-530 
    ISSN: 1432-0479
    Keywords: C53 ; D84
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary This paper analyzes the behavior of conditional forecast functions in stable systems. We study convergence of optimal forecast functions, of forecast functions obtained by conditioning on previous values, and conditional and joint densities.
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    Economic theory 8 (1996), S. 461-488 
    ISSN: 1432-0479
    Keywords: JEL Classification Numbers: D5 ; D84 ; G13.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary. This paper views uncertainty and economic fluctuations as being primarily endogenous and internally propagated phenomena. The most important Endogenous Uncertainty examined in this paper is price uncertainty which arises when agents do not have structural knowledge and are complelled to make decisions on the basis of their beliefs. We assume that agents adopt Rational Beliefs as in Kurz [1994a]. The trading of endogenous uncertainty is accomplished by using Price Contingent Contracts (PCC) rather than the Arrow-Debreu state contingent contracts. The paper provides a full construction of the “price state space” which requires the expansion of the exogenous state space to include the “state of beliefs.” This construction is central to the analysis of equilibrium with endogenous uncertainty and the paper provides an existence theorem for a Rational Belief Equilibrium with PCC. It shows how the PCC completes the markets for trading endogenous uncertainty and lead to an allocation which is Pareto optimal. This paper also demonstrates that endogenous uncertainty is generically present in this new equilibrium.
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    Economic theory 9 (1997), S. 169-178 
    ISSN: 1432-0479
    Keywords: D51 ; D84 ; E32
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary We show that a finite, competitive economy isimmune to sunspots if (i) preferences are strictly convex, (ii) the set of feasible allocations is convex, and (iii) the contingent-claims market is perfect. The conditions (i)–(ii) cover some, but not all, economies with nonconvex technologies. Based on an indivisible-good example, we show that even economies with strictly convex preferences and full insurance arenot in general immune from sunspots. We also show that (1) the sufficient conditions (i)–(iii) are not necessary for sunspot immunity and (2)ex-ante efficiency is not necessary for immunity from sunspots.
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    Economic theory 8 (1996), S. 531-553 
    ISSN: 1432-0479
    Keywords: C53 ; D84
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary The paper shows that the set of stable probability measures and the set of Rational Beliefs relative to a given stationary measure are closed in the strong topology, but not closed in the topology of weak convergence. However, subsets of the set of stable probability measures which are characterized by uniformity of convergence of the empirical distribution are closed in the topology of weak convergence. It is demonstrated that such subsets exist. In particular, there is an increasing sequence of sets of SIDS measures who's union is the set of all SIDS measures generated by a particular system and such that each subset consists of stable measures. The uniformity requirement has a natural interpretation in terms of plausibility of Rational Beliefs.
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    Economic theory 8 (1996), S. 399-422 
    ISSN: 1432-0479
    Keywords: D5 ; D84 ; D9
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary The paper introduces some simplifying tools and methods for studying Rational Beliefs and for proving existence of Rational Belief Equilibria. We identify a set of stable non-stationary stochastic processes, named SIDS processes. Furthermore we introduce the concept of a Rational Belief Structure, which formulates the Rational Beliefs of the agents as beliefs about the distribution of exogenous variables and the beliefs of other agents. The use of the developed apparatus is demonstrated by showing existence of a set of Rational Belief Equilibria in an Overlapping Generations Model with money and one commodity.
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    Economic theory 8 (1996), S. 461-488 
    ISSN: 1432-0479
    Keywords: D5 ; D84 ; G13
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary This paper views uncertainty and economic fluctuations as being primarily endogenous and internally propagated phenomena. The most important Endogenous Uncertainty examined in this paper is price uncertainty which arises when agents do not have structural knowledge and are complelled to make decisions on the basis of their beliefs. We assume that agents adopt Rational Beliefs as in Kurz [1994a]. The trading of endogenous uncertainty is accomplished by using Price Contingent Contracts (PCC) rather than the Arrow-Debreu state contingent contracts. The paper provides a full construction of the “price state space” which requires the expansion of the exogenous state space to include the “state of beliefs.” This construction is central to the analysis of equilibrium with endogenous uncertainty and the paper provides an existence theorem for a Rational Belief Equilibrium with PCC. It shows how the PCC completes the markets for trading endogenous uncertainty and lead to an allocation which is Pareto optimal. This paper also demonstrates that endogenous uncertainty is generically present in this new equilibrium.
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    Economic theory 8 (1996), S. 489-520 
    ISSN: 1432-0479
    Keywords: D5 ; D84 ; G12
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary This paper studies the effect of correlation in the rational beliefs of agents on the volatility of asset prices. We use the technique of generating variables to study stable and non-stationary processes needed to characterize rational beliefs. We then examine how the stochastic interaction among such variables affects the behavior of a wide class of Rational Belief Equilibria (RBE). The paper demonstrates how to construct a consistent price state space and then shows the existence of RBE for any economy for which such price state space is constructed. Next, the results are used to study the volatility of asset prices via numerical simulation of a two agents model. If beliefs of agents are uniformly dispersed and independent, we would expect heterogeneity of beliefs to have a limited impact on the fluctuations of asset prices. On the other hand, our results show that correlation across agents can have a complex and dramatic effect on the volatility of prices and thus can be the dominant factor in the fluctuation of asset prices. The mechanism generating this effect works through the clustering of beliefs in states of different levels of agreement. In states of agreement the conditional forecasts of the agents tend to fluctuatetogether inducing more volatile asset prices. In states of disagreement the conditional forecasts fluctuatein diverse directions tending to cancel each other's effect on market demand and resulting in reduced price volatility.
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    Economic theory 8 (1996), S. 399-422 
    ISSN: 1432-0479
    Keywords: JEL Classification Numbers: D5 ; D84 ; D9.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary . The paper introduces some simplifying tools and methods for studying Rational Beliefs and for proving existence of Rational Belief Equilibria. We identify a set of stable non-stationary stochastic processes, named SIDS processes. Furthermore we introduce the concept of a Rational Belief Structure, which formulates the Rational Beliefs of the agents as beliefs about the distribution of exogenous variables and the beliefs of other agents. The use of the developed apparatus is demonstrated by showing existence of a set of Rational Belief Equilibria in an Overlapping Generations Model with money and one commodity.
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    Computational economics 9 (1996), S. 317-330 
    ISSN: 1572-9974
    Keywords: Expectations ; Saddlepoint paths ; Terminal conditions ; Perturbations ; Relaxation algorithms ; D84 ; C63
    Source: Springer Online Journal Archives 1860-2000
    Topics: Computer Science , Economics
    Notes: Abstract In this paper, we present a theoretically founded procedure in order to check for saddlepoint stability of rational expectations models. The proposed device uses some specific perturbed finite time approximations of the models and allows for an explicit theoretical foundation. Numerical evidence are presented to study the feasibility of the procedure regarding to the scales and the spectra of the models. In particular, it is shown how to apply it on nonlinear models in connection with relaxation resolution algorithms. Actually, this paper gives a theoretical basis to the heuristic sensitivity tests traditionally conducted for saddlepoint stability assessment.
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    Journal of economics 64 (1996), S. 233-246 
    ISSN: 1617-7134
    Keywords: revenue risks ; insurance ; variable premium scheme ; output ; D81 ; G20
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper explores some issues relating to a competitive firm's choice of the levels of output and insurance cover when faced with certain types of “revenue risks”. The analysis generalizes and extends existing results. In particular, we examine the implication, for the level of output and of insurance cover, of different risk attitudes of the firm under variable and fixed premium schemes. The possibility of using the premium schedule in, say, an export credit-guarantee scheme, as an instrument for stimulating the firm's output is noted.
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  • 30
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    Journal of economics 65 (1997), S. 257-277 
    ISSN: 1617-7134
    Keywords: market uncertainty ; overlapping generations ; rational expectations ; rationalizable expectations ; sunspots ; D51 ; D84 ; D90 ; E21
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract There are two theories for the treatment of market uncertainty: rationalizable expectations and sunspot equilibria. This paper shows how the game-theoretic solution concept of rationalizable expectations can be applied to an overlapping-generations exchange economy. Some general properties of these equilibria are discussed. It is shown that rationalizable-expectations equilibria are the predictions yielded by considering sunspot equilibria in which probability beliefs may differ across individuals. This result allows for a new interpretation of sunspot equilibria and helps to understand their relevance.
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  • 31
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    Empirica 23 (1996), S. 303-316 
    ISSN: 1573-6911
    Keywords: Regulation ; liquor ; fair trade ; L3 ; L5
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Several estimation methods agree that state regulations such as resale price maintenance and retail price posting affected the prices of liquor brands up to the mid-1970s in the US states in which the distribution system is privately owned; before-versus-after analysis using the quasiexperimental method provides the strongest evidence. The effects of particular regulations are not so clearcut, however. In the 1970s, the regulations supporting these practices began to be removed. The regulations that continued in effect seem to have lost their potency about that time. The effects of regulation no longer are seen.
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  • 32
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    Review of industrial organization 11 (1996), S. 459-471 
    ISSN: 1573-7160
    Keywords: Regulation ; incentives ; price caps ; competition
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper examines the properties of a price-cap regulatory regime similar in design to a plan recently proposed by AGT Ltd. in hearings on Alternative Forms of Regulation before the Canadian Radio-television and Telecommunications Commission. The price-cap plan incorporates a number of novel features which include (i) quantity weights that evolve through time rather than remaining fixed; (ii) adjustments for productivity that incorporate yardstick competition; and (iii) allowing the weights to reflect the firm's market power or absence thereof in the presence of competition. Hence, should competitive circumstances permit, the regulatory regime allows for its own sunset.
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  • 33
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    Journal of business ethics 16 (1997), S. 1459-1466 
    ISSN: 1573-0697
    Keywords: accounting ; business ; ethics ; insurance ; professionals
    Source: Springer Online Journal Archives 1860-2000
    Topics: Philosophy , Economics
    Notes: Abstract This paper compares the findings of studies of seven groups of professionals in various key segments of the fields of accounting and insurance conducted during 1990 through 1994 in an effort to determine the extent to which they tend to rely on various factors in their business and professional environments for help in behaving ethically in the course of their work. Commonalities among the findings for these rather diverse groups are highlighted and their possible implications for business and the professions are discussed.
    Type of Medium: Electronic Resource
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