On the Validity of the First-Order Approach with Moral Hazard and Hidden Assets, with Giuseppe Bertola

Auteur(s)

Giuseppe Bertola

Accéder

Beschreibung

With moral hazard and anonymous asset trade, first-order conditions need not characterize effort and portfolio choices. The standard procedure for establishing validity of the first-order approach in economies with one hidden asset is not fruitful when multiple assets are hidden.

Sujets

Sciences economiques > Recherche économique

Institution partenaire

Université de St-Gall - Schools of Management

Langue

English

Datum

2014