Chassagnon, Arnold; Attar, Andrea - Université Paris-Dauphine (Paris IX) - 2008
that of Bisin and Guaitoli [Bisin, A., Guaitoli, D., 2004.Moral hazard with nonexclusive contracts. Rand Journal of …We study an economywhere intermediaries compete over contracts in a nonexclusive insurance market affected by moral … hazard. In this context, we show that, contrarily to what is commonly believed, market equilibria may fail to be efficient …