Most of regulators in health care systems use pooling contracts such that payment do not depend on the level of severity. This policy is motivated by concerns about the moral hazard problem. In this paper, we show that it can be optimal when patient severity is private information because of the...

We study the dual formulation of the utility maximization problem in incomplete markets when the utility function is finitely valued on the whole real line. We extend the existing results in this literature in two directions. First, we allow for nonsmooth utility functions, so as to include the...

We analyze the relationship between inequality and economic growth from two directions. The first part of the survey examines the effect of inequality on growth, showing that when capital markets are imperfect, there is not necessarily a trade-off between equity and efficiency. It therefore...

Early research work confirms that the use of the new European currency, the euro, could create an effect of money illusion: expressed in euros, perceived prices seem lower and price elasticity diminished. But it also concludes on the complexity of the relationship between prices, currency unit...

We investigate the relationships between new technologies, innovative workplace practices and the age structure of the workforce in a sample of French firms. We find evidence that the wage-bill share of older workers is lower in innovative firms and that the opposite holds for younger workers....

Portfolio theories are meant to provide a method for managing assets and constructing portfolios. Meanwhile, the mean-variance technique has been heavily criticized by some academics, and its application to real estate portfolio is questionable (Cheng and Liang, 2000). Indeed, the mean-variance...

The Economic and Monetary Union (EMU) construction as well as the European Union (EU) enlargement from 15 to 25 members have taken place within a minimum institutional framework as regards common budgetary policies. The achievement of the Single European Market and the introduction of the single...