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Risk Sharing, Risk Spreading and Efficient Regulation (Hardcover, 1st ed. 2016)
Loot Price: R1,986
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Risk Sharing, Risk Spreading and Efficient Regulation (Hardcover, 1st ed. 2016)
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The book provides an integrated approach to risk sharing, risk
spreading and efficient regulation through principal agent models.
It emphasizes the role of information asymmetry and risk sharing in
contracts as an alternative to transaction cost considerations. It
examines how contracting, as an institutional mechanism to conduct
transactions, spreads risks while attempting consolidation. It
further highlights the shifting emphasis in contracts from Coasian
transaction cost saving to risk sharing and shows how it creates
difficulties associated with risk spreading, and emphasizes the
need for efficient regulation of contracts at various levels. Each
of the chapters is structured using a principal agent model, and
all chapters incorporate adverse selection (and exogenous
randomness) as a result of information asymmetry, as well as moral
hazard (and endogenous randomness) due to the self-interest-seeking
behavior on the part of the participants.
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