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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 …
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 …