Download or read book Incentive Contracts and Downside Risk Sharing written by Bernard Sinclair-Desgagne and published by . This book was released on 2017 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper seeks to characterize incentive compensation in a static principal-agent moral hazard setting in which both the principal and the agent are prudent (or downside risk averse). We show that optimal incentive pay should then be `approximately concave' in performance, the approximation being closer the more downside risk averse the principal is compared to the agent. Limiting the agent's liability would improve the approximation, but taxing the principal would make it coarser. The notion of an approximately concave function we introduce here to describe optimal contracts is relatively recent in mathematics; it is intuitive and translates into concrete empirical implications, notably for the composition of incentive pay packages. We also clarify which measure of prudence - among the various ones proposed in the literature - is relevant to investigate the tradeoff between downside risk sharing and incentives.
Download or read book Optimal Risk Sharing and incentive contracts with two stages of risk written by and published by . This book was released on 1989 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Incentive Contracts and Efficiency in a Frictional Market written by Benoit Julien and published by . This book was released on 2019 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Principals seek to trade with agents by posting incentive contracts in a search environment. A contract solves the ex ante search problem, and adverse selection and moral hazard ex post. We fully characterise the equilibrium for quasi linear preferences, and derive some comparative statics. If using appropriate transfers the equilibrium allocation is constrained welfare optimal, in contrast to the one-to-one principal-agent problem. Search frictions thus correct that inefficiency because searching requires internalizing the utility of agents. Incentives are weaker than in bilateral contracting, and agents enjoy more efficient risk sharing. With a constraint on transfers search and moral hazard interact and may induce an inefficient allocation; principal competition results in over-insurance of the agents and too little effort in equilibrium.
Download or read book Risk sharing in Agency Contracts Across Owership Domains written by Celia Coelho Kamath and published by . This book was released on 1998 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Oxford Handbook of Health Economics written by Sherry Glied and published by OUP Oxford. This book was released on 2013-05-23 with total page 992 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of Health Economics provides an accessible and authoritative guide to health economics, intended for scholars and students in the field, as well as those in adjacent disciplines including health policy and clinical medicine. The chapters stress the direct impact of health economics reasoning on policy and practice, offering readers an introduction to the potential reach of the discipline. Contributions come from internationally-recognized leaders in health economics and reflect the worldwide reach of the discipline. Authoritative, but non-technical, the chapters place great emphasis on the connections between theory and policy-making, and develop the contributions of health economics to problems arising in a variety of institutional contexts, from primary care to the operations of health insurers. The volume addresses policy concerns relevant to health systems in both developed and developing countries. It takes a broad perspective, with relevance to systems with single or multi-payer health insurance arrangements, and to those relying predominantly on user charges; contributions are also included that focus both on medical care and on non-medical factors that affect health. Each chapter provides a succinct summary of the current state of economic thinking in a given area, as well as the author's unique perspective on issues that remain open to debate. The volume presents a view of health economics as a vibrant and continually advancing field, highlighting ongoing challenges and pointing to new directions for further progress.
Download or read book Proceedings written by American Institute for Decision Sciences. Meeting and published by . This book was released on 1977 with total page 726 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mastering the Risky Business of Public Private Partnerships in Infrastructure written by Manal Fouad and published by International Monetary Fund. This book was released on 2021-05-10 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investment in infrastructure can be a driving force of the economic recovery in the aftermath of the COVID-19 pandemic in the context of shrinking fiscal space. Public-private partnerships (PPP) bring a promise of efficiency when carefully designed and managed, to avoid creating unnecessary fiscal risks. But fiscal illusions prevent an understanding the sources of fiscal risks, which arise in all infrastructure projects, and that in PPPs present specific characteristics that need to be addressed. PPP contracts are also affected by implicit fiscal risks when they are poorly designed, particularly when a government signs a PPP contract for a project with no financial sustainability. This paper reviews the advantages and inconveniences of PPPs, discusses the fiscal illusions affecting them, identifies a diversity of fiscal risks, and presents the essentials of PPP fiscal risk management.
Download or read book Sustainable Buildings written by Amjad Almusaed and published by BoD – Books on Demand. This book was released on 2018-07-18 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book has been written to represent the efficient applications of sustainability upon building designs. The book intends to illustrate various techniques of action of sustainability on building conceptions. The book is divided into four parts and eight chapters. Part I "Introduction into Target Theme" includes a chapter with title "Introductory Chapter." It makes an overview of the meaning and the target of sustainable building and sustainable building material. Part II "Sustainable Building Design, Process, and Management" discusses many forms and concepts of sustainable building and includes three chapters. Part III "Sustainable Building by Using Energy Efficiency in Building Design" includes one chapter. Part IV "Sustainability in Building Materials: Study Cases" includes three chapters.
Download or read book Proceedings of the Annual Meeting written by American Institute for Decision Sciences. Meeting and published by . This book was released on with total page 1380 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Computational Finance 1999 written by Yaser S. Abu-Mostafa and published by MIT Press. This book was released on 2000 with total page 744 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers the techniques of data mining, knowledge discovery, genetic algorithms, neural networks, bootstrapping, machine learning, and Monte Carlo simulation. Computational finance, an exciting new cross-disciplinary research area, draws extensively on the tools and techniques of computer science, statistics, information systems, and financial economics. This book covers the techniques of data mining, knowledge discovery, genetic algorithms, neural networks, bootstrapping, machine learning, and Monte Carlo simulation. These methods are applied to a wide range of problems in finance, including risk management, asset allocation, style analysis, dynamic trading and hedging, forecasting, and option pricing. The book is based on the sixth annual international conference Computational Finance 1999, held at New York University's Stern School of Business.
Download or read book The Economics of Airport Operations written by James Peoples and published by Emerald Group Publishing. This book was released on 2017-10-03 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume examines the role that airports play in economic development and land values, the regulation and economic efficiency of airports, airport pricing and competition, and the role played by airports in influencing airline operations and networks.
Download or read book U S Military Program Management written by Gregory A. Garrett and published by Berrett-Koehler Publishers. This book was released on 2006-12 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: An indispensable resource for all defense industry professionals—governmental and commercial! Introducing the only book on the market offering valuable best practices and lessons learned for U.S. military program management The U.S. Department of Defense and the related defense industry together form the largest and most powerful government and business entity in the world, developing some of the most expensive and complex major systems ever created. U. S. Military Program Management presents a detailed discussion, from a multi-functional view, of the ins and outs of U.S. military program management and offers recommendations for improving practices in the future. More than 15 leading experts present case studies, best practices, and lessons learned from the Army, Navy, and Air Force, from both the government and industry/contractor perspectives. This book addresses the key competencies of effective U.S. military program management in six comprehensive sections: • Requirements management • Program leadership and teamwork • Risk and financial management • Supply chain management and logistics • Contract management and procurement • Special topics
Download or read book Pay for Performance in Health Care written by Jerry Cromwell and published by RTI Press. This book was released on 2011-02-28 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a balanced assessment of pay for performance (P4P), addressing both its promise and its shortcomings. P4P programs have become widespread in health care in just the past decade and have generated a great deal of enthusiasm in health policy circles and among legislators, despite limited evidence of their effectiveness. On a positive note, this movement has developed and tested many new types of health care payment systems and has stimulated much new thinking about how to improve quality of care and reduce the costs of health care. The current interest in P4P echoes earlier enthusiasms in health policy—such as those for capitation and managed care in the 1990s—that failed to live up to their early promise. The fate of P4P is not yet certain, but we can learn a number of lessons from experiences with P4P to date, and ways to improve the designs of P4P programs are becoming apparent. We anticipate that a “second generation” of P4P programs can now be developed that can have greater impact and be better integrated with other interventions to improve the quality of care and reduce costs.
Download or read book Airline Economics in Asia written by Xiaowen Fu and published by Emerald Group Publishing. This book was released on 2018-11-30 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Covers low-cost carrier growth in Japan, competition against full service hub carriers in the Middle East, aviation market liberalization in Central Asia, high-speed-rail and airline competition in China, air transport and tourism in Asia and Australia, airline performance and outsourcing, airports development, and airport-airline cooperation.
Download or read book Risk Adjustment Risk Sharing and Premium Regulation in Health Insurance Markets written by Thomas G. McGuire and published by Academic Press. This book was released on 2018-08-06 with total page 659 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk Adjustment, Risk Sharing and Premium Regulation in Health Insurance Markets: Theory and Practice describes the goals, design and evaluation of health plan payment systems. Part I contains 5 chapters discussing the role of health plan payment in regulated health insurance markets, key aspects of payment design (i.e. risk adjustment, risk sharing and premium regulation), and evaluation methods using administrative data on medical spending. Part II contains 14 chapters describing the health plan payment system in 14 countries and sectors around the world, including Australia, Belgium, Chile, China, Columbia, Germany, Ireland, Israel, the Netherlands, Russia, Switzerland and the United States. Authors discuss the evolution of these payment schemes, along with ongoing reforms and key lessons on the design of health plan payment. Provides a conceptual toolkit that describes the goals, design and evaluation of health plan payment systems in the context of policy paradigms, such as efficiency, affordability, fairness and avoidance of risk selection Brings together international experience from many different countries that apply regulated competition in different ways Delivers a practical toolkit for the evaluation of health plan payment modalities from the standpoint of efficiency and fairness
Download or read book Risk Sharing Risk Spreading and Efficient Regulation written by T.V.S. Ramamohan Rao and published by Springer. This book was released on 2015-10-22 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Crisis Resolution in the Thrift Industry written by Roger C. Kormendi and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: On February 6, 1989, the Federal Home Loan Bank Board contacted Mid America Institute to inquire whether it would undertake an independent, academically oriented analysis of the insolvency resolution crisis in the thrift industry. The Senate Banking Committee, during the course of hearings on the thrift crisis, had suggested to the Bank Board tile desirability of an independent assessment of Bank: Board and FSLIC resolution methodology, specifically as it related to the controversy surrounding the December deals, the Southwest Plan, and the possibility that tax considerations were driving certain deals. The Bank Board had already initiated studies from industry-oriented perspectives. Therefore, it felt that an academic perspective would provide both a valuable addition to the process, and by the nature of academia, perhaps the best prospect of a credible and independent viewpoint. The Bank Board was prepared to give an appropriately structured Task Force virtually unlimited access to all personnel, documents and resources that the Task Force felt necessary to come to an uncompromising assessment. The only significant constraint imposed was that a report had to be available prior to the start of the next round of Senate Banking Committee hearings on March 1, 1989. The Task Force would be given complete discretion as to the scope and coverage of the report, but it was requested that the topic of the December deals, particularly the associated tax considerations, be a significant part of the report.
