Price Equilibrium, Efficiency, and Decentralizability in Insurance Markets
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In this paper, we investigate the descriptive and normative properties of competitive equilibrium with moral hazard when firms offer "price contracts" which allow clients to purchase as much insurance as they wish at the quoted prices. We show that a price equilibrium always exists and is one of
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美国国家经济研究局创建时间：
1991-03-01
