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Adverse Selection in Credit Markets and Regressive Profit Taxation
Adverse Selection Credit Markets Regressive Profit Taxation
2015/7/31
In many countries, taxes on businesses are less progressive than labor income taxes. This paper provides a justification for this pattern based on adverse selection that entrepreneurs face in credit m...
A Game Theoretic Foundation of Competitive Equilibria with Adverse Selection
Insurance Competitive Markets Adverse selection
2015/7/31
We construct a fully specified extensive form game that captures competitive markets with adverse selection. In particular, it allows firms to offer any finite set of contracts, so that cross-subsidiz...
Selection in Insurance Markets: Theory and Empirics in Pictures
Pictures Theory and Empirics
2015/7/17
ccare to the heavily regulated private markets for property and casualty are to the heavily regulated private markets for property and casualty
insurance, government intervention in insurance market...
How does risk selection respond to risk adjustment?New evidence from the Medicare Advantage Program
risk selection respond risk adjustment the Medicare Advantage Program
2015/7/17
To combat adverse selection, governments increasingly base payments to health plans and providers on enrollees’ scores from risk-adjustment formulae. In response to evidence of plan overpayments due t...
We use employee-level panel data from a single firm to explore the
possibility that individuals may select insurance coverage in part
based on their anticipated behavioral (“moral hazard”) respons...
Selection and Market Reallocation: Productivity Gains from Multinational Production
Productivity Gains Multinational Production Selection Market Reallocation And Within-Firm Productivity
2015/4/27
Assessing the productivity gains from multinational production has been a vital topic of economic research. Positive aggregate productivity gains are often attributed to within-firm productivity impro...
Optimization Method for Interval Portfolio Selection Based on Satisfaction Index of Interval inequality Relation
Interval portfolio selection satisfaction index semiabsolute deviation risk parametric linear programming
2012/9/14
In this paper we consider an interval portfolio selection problem with uncertain returns and introduce an inclusive concept of satisfaction index for interval inequality relatio...
On-Line Portfolio Selection with Moving Average Reversion
Portfolio Selection Moving Average Reversion
2012/9/14
On-line portfolio selection has attracted in-creasing interests in machine learning and AI communities recently. Empirical evidence show that stock’s high and low prices are temporary and stock price ...
Time-Consistent Mean-Variance Portfolio Selection in Discrete and Continuous Time
mean-variance criterion Markowitz problem portfolio optimisation time consistency time-inconsistent optimal control
2012/6/5
It is well known that mean-variance portfolio selection is a time-inconsistent optimal control problem in the sense that it does not satisfy Bellman's optimality principle and therefore the usual dyna...
Portfolio Selection with Small Transaction Costs and Binding Portfolio Constraints
portfolio constraints transaction costs long-run portfolio choice
2012/6/5
An investor with constant relative risk aversion and an infinite planning horizon trades a risky and a safe asset with constant investment opportunities, in the presence of small transaction costs and...
On the non-stationarity of financial time series: impact on optimal portfolio selection
non-stationarity of financial time series impact optimal portfolio selection Statistical Finance
2012/6/2
We investigate the possible drawbacks of employing the standard Pearson estimator to measure correlation coefficients between financial stocks in the presence of non-stationary behavior, and we provid...
Multiple Credit Ratings, Cost of Debt and Self-Selection
credit ratings default risk selection bias
2011/9/2
In a world where firms pay for credit ratings and (because of regulatory requirements) where some investors must pay attention to the ratings of some specified set of raters, it may well be in the int...
The Importance of Adverse Selection in the Credit Card Market: Evidence from Randomized Trials of Credit Card Solicitations
adverse selection consumer credit credit cards household finance
2011/8/22
Analyzing unique data from multiple large-scale randomized marketing trials of preapproved credit card solicitations by a large financial institution, we find that consumers responding to the lender's...
Endogenous Movement and Equilibrium Selection in Spatial Coordination Games
Coordination Games Movement Equilibrium Selection
2014/8/8
We study the effects of agent movement on equilibrium selection in spatial coordination games with Pareto dominant and risk dominant Nash equilibria. We incorporate agent movement, and thereby partne...
Natural selection with habits and learning in heterogeneous economies
Natural Selection Heterogeneous Equilibrium Diverse Belies Learning Survival Index Catching up with The Jonses
2011/7/4
We study natural selection in complete financial markets, popu-
lated by heterogeneous agents. We allow for a rich structure of heterogeneity:
Individuals may differ in their beliefs concerning the ...