登入選單
返回Google圖書搜尋
其他書名
An Extended Example
出版SSRN, 1997
URLhttp://books.google.com.hk/books?id=8f7azwEACAAJ&hl=&source=gbs_api
註釋Arnott and Stiglitz (1993) have argued that, in competitive insurance markets with moral hazard, equilibrium may entail firms offering latent policies--policies that are not bought in equilibrium but are kept in place to deter entry. This paper provides an extended example of such an equilibrium, which not only proves that latent policies can be present in equilibrium but also elucidates the mechanism which makes them potentially effective in deterring entry.