When people can self-insure via migration, they may have less need for informal risk
sharing. At the same time, informal insurance may reduce the need to migrate. To …

Can public income insurance through progressive income taxation improve the allocation of
risk in an economy where private risk sharing is incomplete? The answer depends crucially …

This Article identifies an important but previously unrecognized systemic risk in financial
markets: intellectual hazard. Intellectual hazard, as we define it, is the tendency of …

This paper characterizes the transition dynamics of a continuous-time neoclassical
production economy with capital accumulation in which households face idiosyncratic …

This paper investigates the crowding-out effect of formal insurance on informal risk-sharing
arrangements via theory and laboratory experiment. Our model and simulation predict that …

This paper shows how two standard models of consumption risk-sharing—self-insurance
through borrowing and saving and limited commitment to insurance contracts—replicate …

How should successive generations insure each other when the young can default on
previously promised transfers to the old? This paper studies intergenerational insurance that …

Although the insurance industry has a significant economic role, few theoretical studies link
insurance with the overlapping generations economy. This study suggests a new …

This paper characterizes the stationary equilibrium of a continuous-time neoclassical
production economy with capital accumulation in which households can insure against …

In this paper I provide a stopping-time-based solution to a long-term contracting problem
between a risk-neutral principal and a risk-averse agent. The agent faces a stochastic …