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Moral Hazard in Health Insurance
Moral hazard-the tendency to change behavior when the cost of that behavior will be borne by others-is a particularly tricky question when considering health care. Kenneth J. …
Creating a Learning Society
It has long been recognized that an improved standard of living results from advances in technology, not from the accumulation of capital. It has also become clear that what truly …
The Arrow Impossibility Theorem
Kenneth J. Arrow's pathbreaking "impossibility theorem" was a watershed innovation in the history of welfare economics, voting theory, and collective choice, demonstrating that …
Time and the Generations
How should we evaluate the ethics of procreation, especially the environmental consequences of reproductive decisions on future generations, in a resource-constrained world? While …
Discovering Prices
Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam …
Ethical Asset Valuation and the Good Society
For all of their focus on asset prices, financial economists rarely ask if assets are priced ethically-that is, if their prices are compatible with the public good. Yet in a world …
Arguing About Tastes
Mainstream economics considers individual preferences to be fixed and unchanging. Although psychologists and other social scientists explore how tastes are formed, influenced, and …
Speculation, Trading, and Bubbles
As long as there have been financial markets, there have been bubbles-those moments in which asset prices inflate far beyond their intrinsic value, often with ruinous results. Yet …