Optimal Security Design under Asymmetric Informa-
Optimal security design under asymmetric information and profit manipulation
... discussing two key examples of their policy implications. In the aftermath of the 2008 financial crisis, government interventions in financial markets have been widespread. As Philippon and Skreta (2012) ar- gue, given a ...
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Optimal Security Design
... The standard Modigliani-Miller theory, adapted to include corporate taxes and bankruptcy costs, suggests that firms choose their capital structure to trade off the tax advantage of debt against the cost of going ...
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Institutional design under asymmetric information
... I propose a different approach by assum ing that the asym m etry between parties is about inform ation that is inherently non-certifiable. In my m odel the valuation that parties place on the subject m atter in dispute ...
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Equilibrium and optimal financial and insurance contracts under asymmetric information
... The pooling equilibrium at A reflects a trade-off between information revelation and effort incentives. The securities issued by the R- and S-type are priced as a pool. Although, because of perfect competition, debt and ...
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Preserving "Debt Capacity" or "Equity Capacity": A Dynamic Theory of Security Design under Asymmetric Information
... of under- or overinvest- ment when …nancing must be raised under asymmetric information, also help to organize some recent con‡icting evidence on start-up and young …rm ...The optimal choice ...
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Optimal Design of Social Security Reforms
... using optimal fiscal policy tools to explicitly solve for Pareto improving fiscal ...social security system were optimal, it is possible to generate Pareto improving reforms by reducing ...social ...
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Dollar Denominated Debt and Optimal Security Design
... consider security design in a two agent economy (A = America, B = Bolivia = Borrower), with one asset and one international ...only under additional ...
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Patient dumping, outlier payments, and optimal healthcare payment policy under asymmetric information
... social security systems that decrease health- care payments while providing high-quality medical ser- ...hospitals. Under the prospec- tive payment system, insurers pay a fixed amount defined by a ...
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Criteria for the Optimal Design of a Social Security Retirement System
... The Program for Research on Social and Economic Dimensions of an Aging Population (SEDAP) is an interdisciplinary research program centred at McMaster University with co-investigators at seventeen other universities in ...
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Optimal fiscal policy in the design of Social Security reforms
... 4. Introducing capital income taxes in the analysis generates some additional welfare gains, but it usually implies very large non-smooth changes in capital income taxes that call into question its relevance as actual ...
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Loan sales under asymmetric information
... with asymmetric information, and they find that an optimal strategy for the bank is to retain a portion of the loan in portfolio to diminish the information ...with asymmetric information is Ambrose, ...
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Optimal prediction under asymmetric loss
... involving asymmetric loss functions arise routinely in many fields, yet the theory of optimal prediction under asymmetric loss is not well ...the optimal prediction problem under ...
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A Note on Optimal Law Enforcement under Asymmetric Information
... the optimal one. However, the optimal probability of apprehension is the one set by an ideal public enforcer, not by the public enforcer we model in this ...than optimal probability even though for ...
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A Short Note on Optimal Debt Management under Asymmetric Information
... The model presented below shows the simplest case we could …nd where r/r never occurs due to asymetric information. To display the e¤ect as clearly as possible we use a utility function for which …scal insurance is not ...
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Optimal monitoring of credit-based emissions trading under asymmetric information
... the optimal de- cisions of the regulator, given the impossibility to fully enforce compliance, under asymmetric information on reduction costs and heterogeneous verifiability of ...the optimal ...
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Optimal compensation contracts under asymmetric information concerning expected earnings
... of asymmetric information between an employer and a ...with asymmetric information related to the employer-worker relationship usually assumes that private information is held by potential workers (such as ...
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The Optimal Design of Social Security Benefits
... By “ex ante optimal,” we mean that we search for the best policy conditional on households not yet entering the workforce. Since these households have not yet realized their initial productive capacities, this ...
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Optimal Auction Design Under Non-Commitment
... To solve Program NC we analyze how the second-period optimal mechanism, which is a vector of func- tions, varies as a function of arbitrarily complex posteriors. 10 Lemma 1 formalizes the result that in the ...
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Optimal Liability Design Under Risk and Ambiguity
... Abstract This paper develops an original mean-variance model able to capture the disposition of the parties towards both standard risk and ambiguity. Ambiguity arises when the causal link between conduct and harm is not ...
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Survey on Optimal Power Flow under Security Constraints
... The optimal bidding parameters for both markets are determined by solving an optimization problem that takes unit commitment constraints such as generating limits and unit minimum up/down time constraints into ...
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