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The Welfare Economics of Moral Hazard / Richard Arnott, Joseph Stiglitz.
- Format:
- Book
- Author/Creator:
- Arnott, Richard.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w3316.
- NBER working paper series no. w3316
- Language:
- English
- Subjects (All):
- Water-supply.
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1990.
- Cambridge, Mass. : National Bureau of Economic Research, 1990.
- Summary:
- This paper shows that, except in certain limiting cases, competitive equilibrium with moral hazard is constrained inefficient. The first section compares the competitive equilibrium and the constrained social optimum in a fairly general model, and identifies types of market failure. Each of the subsequent sections focuses on a particular market failure.
- Notes:
- Print version record
- April 1990.
- Includes bibliographical references.
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