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Kenneth Arrow and Karl Borch published several important articles in the early 1960s that can be viewed as the beginning of modern economic analysis of insurance activity. This chapter reviews the main theoretical and empirical contributions in insurance economics since that time. The review...
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– to minimize the conflict between income insurance and work incentives and to prevent the economic crisis from causing a …
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The paper analyzes key labor market and institutional features of developing countries that affect functioning of unemployment insurance: a large informal sector, weak administrative capacity, and large political risk. It argues that these countries should tailor an OECD-style unemployment...
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I model job-search monitoring in the optimal unemployment insurance framework, in which job-search effort is the worker’s private information. In the model, monitoring provides costly information upon which the government conditions unemployment benefits. Using a simple one-period model with...
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Individual unemployment accounts (IUAs) attenuate the moral hazard attached to unemployment insurance. However, the available literature provides no policy recommendation about what percentage of the contributions should go to IUAs. We propose criteria of actuarial neutrality and use a simple...
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