The Insurance is the Lemon: Failing to Index Contracts
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We model the widespread failure of contracts to share risk using available indices. A borrower and lender can share risk by conditioning repayments on an index. The lender has private information about the ability of this index to measure the true state that the borrower would like to hedge. The
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美国国家经济研究局创建时间：
2019-01-01
