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We develop a model wherein a risk-neutral but ambiguity-averse principal contracts with a risk-averse agent who has a risky project. Both the agent and the principal can observe the project output and a public signal. The correlation between the output and the public signal is private...
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Thai Abstract:: การศึกษาครัง้ นี้มีวัตถุประสงค์ดังนี้ 1) เพื่อศึกษาลาดับความสา คัญของแรงจูงใจในการทางานสา...
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In this article, we establish a model of competitive insurance markets based on Rothschild and Stiglitz (1976) where insurers can perform risk classification tests either before insurance contracts are issued (underwriting) or when coverage claims are filed (post-loss test). However, insurers...
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