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Author : Wendy Edelberg
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.E/5 ( download)
Download or read book Testing for Adverse Selection and Moral Hazard in Consumer Loan Markets written by Wendy Edelberg and published by . This book was released on 2004 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alena Bičáková
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (535 download)
Download or read book Does the Good Matter? written by Alena Bičáková and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Amy Finkelstein
Publisher : Columbia University Press
ISBN 13 : 0231538685
Total Pages : 161 pages
Book Rating : 4.2/5 (315 download)
Download or read book Moral Hazard in Health Insurance written by Amy Finkelstein and published by Columbia University Press. This book was released on 2014-12-02 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addressing the challenge of covering heath care expenses—while minimizing economic risks. 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. Arrow’s seminal 1963 paper on this topic (included in this volume) was one of the first to explore the implication of moral hazard for health care, and Amy Finkelstein—recognized as one of the world’s foremost experts on the topic—here examines this issue in the context of contemporary American health care policy. Drawing on research from both the original RAND Health Insurance Experiment and her own research, including a 2008 Health Insurance Experiment in Oregon, Finkelstein presents compelling evidence that health insurance does indeed affect medical spending and encourages policy solutions that acknowledge and account for this. The volume also features commentaries and insights from other renowned economists, including an introduction by Joseph P. Newhouse that provides context for the discussion, a commentary from Jonathan Gruber that considers provider-side moral hazard, and reflections from Joseph E. Stiglitz and Kenneth J. Arrow. “Reads like a fireside chat among a group of distinguished, articulate health economists.” —Choice
Author : Amy Finkelstein
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (255 download)
Download or read book Testing for Adverse Selection with "unused Observables" written by Amy Finkelstein and published by . This book was released on 2006 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes a new test for adverse selection in insurance markets based on observable characteristics of insurance buyers that are not used in setting insurance prices. The test rejects the null hypothesis of symmetric information when it is possible to find one or more such "unused observables" that are correlated both with the claims experience of the insured and with the quantity of insurance purchased. Unlike previous tests for asymmetric information, this test is not confounded by heterogeneity in individual preference parameters, such as risk aversion, that affect insurance demand. Moreover, it can potentially identify the presence of adverse selection, while most alternative tests cannot distinguish adverse selection from moral hazard. We apply this test to a new data set on annuity purchases in the United Kingdom, focusing on the annuitant's place of residence as an "unused observable." We show that the socio-economic status of the annuitant's place of residence is correlated both with annuity purchases and with the annuitant's prospective mortality. Annuity buyers in different communities therefore face different effective insurance prices, and they make different choices accordingly. This is consistent with the presence of adverse selection. Our findings also raise questions about how insurance companies select the set of buyer attributes that they use in setting policy prices. We suggest that political economy concerns may figure prominently in decisions to forego the use of some information that could improve the risk classification of insurance buyers.
Author : Mr.Giovanni Dell'Ariccia
Publisher : International Monetary Fund
ISBN 13 : 145195154X
Total Pages : 32 pages
Book Rating : 4.4/5 (519 download)
Download or read book Asymmetric Information and the Market Structure of the Banking Industry written by Mr.Giovanni Dell'Ariccia and published by International Monetary Fund. This book was released on 1998-06-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper analyzes the effects of informational asymmetries on the market structure of the banking industry in a multi-period model of spatial competition. All lenders face uncertainty with regard to borrowers’ creditworthiness, but, in the process of lending, incumbent banks gather proprietary information about their clients, acquiring an advantage over potential entrants. These informational asymmetries are an important determinant of the industry structure and may represent a barrier to entry for new banks. The paper shows that, in contrast with traditional models of horizontal differentiation, the steady-state equilibrium is characterized by a finite number of banks even in the absence of fixed costs.
Author : Gene Amromin
Publisher : DIANE Publishing
ISBN 13 : 1437987850
Total Pages : 57 pages
Book Rating : 4.4/5 (379 download)
Download or read book Complex Mortgages (CM) written by Gene Amromin and published by DIANE Publishing. This book was released on 2011 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: CM became a popular borrowing instrument during the bullish housing market of the early 2000s but vanished rapidly during the subsequent downturn. These non-traditional loans (interest only, negative amortization, and teaser mortgages) enable households to postpone loan repayment compared to traditional mortgages and hence relax borrowing constraints. But, they increase household leverage and heighten dependence on mortgage refinancing. CM were chosen by prime borrowers with high income levels seeking to purchase expensive houses relative to their incomes. Borrowers with CM experience substantially higher ex post default rates than borrowers with traditional mortgages with similar characteristics. Illus. This is a print on demand report.
Author : Mark William Jenkins
Publisher : Stanford University
ISBN 13 :
Total Pages : 135 pages
Book Rating : 4.F/5 ( download)
Download or read book Essays on Consumer Credit Markets written by Mark William Jenkins and published by Stanford University. This book was released on 2009 with total page 135 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation studies the organization of consumer credit markets using a rich and novel dataset from a large subprime auto lender. Its primary goal is to develop empirical methods for analyzing markets with asymmetric information and to use these methods to better understand the behavior of subprime borrowers and lenders. The first chapter quantifies the importance of adverse selection and moral hazard in the subprime auto loan market and shows how different loan contract terms serve to mitigate these distinct information problems. The second chapter examines the impact of centralized credit scoring on lending outcomes, including the distribution of performance across dealerships within the firm. The third chapter studies borrower repayment behavior and quantifies the impact of ex post moral hazard on interest rates and the costs of default. Collectively, the three chapters provide a better understanding of the functioning of markets for subprime credit in the U.S. They also provide unique empirical evidence on the importance of asymmetric information and the value of screening, monitoring, and contract design in consumer credit markets in general.
Author : Douglas Cumming
Publisher : OUP USA
ISBN 13 : 0195391241
Total Pages : 937 pages
Book Rating : 4.1/5 (953 download)
Download or read book The Oxford Handbook of Entrepreneurial Finance written by Douglas Cumming and published by OUP USA. This book was released on 2012-03-22 with total page 937 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a comprehensive picture of issues dealing with different sources of entrepreneurial finance and different issues with financing entrepreneurs. The Handbook comprises contributions from 48 authors based in 12 different countries.
Author : Dean S. Karlan
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (15 download)
Download or read book Observing Unobservables written by Dean S. Karlan and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Santiago Carbó-Valverde
Publisher : Springer Nature
ISBN 13 : 3031329317
Total Pages : 351 pages
Book Rating : 4.0/5 (313 download)
Download or read book New Challenges for the Banking Industry written by Santiago Carbó-Valverde and published by Springer Nature. This book was released on 2023-07-18 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book aims to enrich the banking and finance literature by gathering insights in new research topics being undertaken in the aftermath of the Covid-19 pandemic. The book spans all the major research fields in finance and banking with a particular focus on corporate governance, sustainability and innovation. The book brings together academics at a range of European universities and stems from research presented at the 2022 Annual Conference of the Wolpertinger Club. The first part focuses on the impact of banks’ corporate governance practice on their performance, including pay gaps as well as diversity and ESG policies. The second part examines how banks are conducting their green transition with topics including reputational risk, greenwashing, green bonds, and ESG scores. The final section of the book considers the role of digitalization and innovative technologies in creating unprecedented disruption in the banking sector. This edited collection is valuable to those researching in finance, banking and business, as well as policymakers and operational decision makers at financial institutions.
Author : Adam B. Ashcraft
Publisher : DIANE Publishing
ISBN 13 : 1437925146
Total Pages : 76 pages
Book Rating : 4.4/5 (379 download)
Download or read book Understanding the Securitization of Subprime Mortgage Credit written by Adam B. Ashcraft and published by DIANE Publishing. This book was released on 2010-03 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an overview of the subprime mortgage securitization process and the seven key informational frictions that arise. Discusses the ways that market participants work to minimize these frictions and speculate on how this process broke down. Continues with a complete picture of the subprime borrower and the subprime loan, discussing both predatory borrowing and predatory lending. Presents the key structural features of a typical subprime securitization, documents how rating agencies assign credit ratings to mortgage-backed securities, and outlines how these agencies monitor the performance of mortgage pools over time. The authors draw upon the example of a mortgage pool securitized by New Century Financial during 2006. Illustrations.
Author : Evan Selinger
Publisher : Cambridge University Press
ISBN 13 : 1316859274
Total Pages : 616 pages
Book Rating : 4.3/5 (168 download)
Download or read book The Cambridge Handbook of Consumer Privacy written by Evan Selinger and published by Cambridge University Press. This book was released on 2018-04-02 with total page 616 pages. Available in PDF, EPUB and Kindle. Book excerpt: Businesses are rushing to collect personal data to fuel surging demand. Data enthusiasts claim personal information that's obtained from the commercial internet, including mobile platforms, social networks, cloud computing, and connected devices, will unlock path-breaking innovation, including advanced data security. By contrast, regulators and activists contend that corporate data practices too often disempower consumers by creating privacy harms and related problems. As the Internet of Things matures and facial recognition, predictive analytics, big data, and wearable tracking grow in power, scale, and scope, a controversial ecosystem will exacerbate the acrimony over commercial data capture and analysis. The only productive way forward is to get a grip on the key problems right now and change the conversation. That's exactly what Jules Polonetsky, Omer Tene, and Evan Selinger do. They bring together diverse views from leading academics, business leaders, and policymakers to discuss the opportunities and challenges of the new data economy.
Author : Wahiduddin Mahmud
Publisher : Routledge
ISBN 13 : 1315413159
Total Pages : 295 pages
Book Rating : 4.3/5 (154 download)
Download or read book The Theory and Practice of Microcredit written by Wahiduddin Mahmud and published by Routledge. This book was released on 2016-10-04 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The remarkable speed at which microcredit has expanded around the world in the last three decades has piqued the curiosity of practitioners and theorists alike. By developing innovative ways of making credit available to the poor, the idea of microcredit has challenged many traditional assumptions about both poverty reduction strategies and financial markets. While this has encouraged new theorising about how microcredit works, the practice of microcredit has itself evolved, often in unpredictable ways, outpacing the development of theory. The Theory and Practice of Microcredit aims to remedy this imbalance, arguing that a proper understanding of the evolution of practice is essential both for developing theories that are relevant for the real world and for adopting policies that can better realize the full potential of microcredit. By drawing upon their first-hand knowledge of the nature of this evolution in Bangladesh, the birthplace of microcredit, the authors have pushed the frontiers of current knowledge through a rich blend of theoretical and empirical analysis. The book breaks new grounds on a wide range of topics including: the habit-forming nature of credit repayment; the institutional strength and community-based role of microfinance institutions; the relationships between microcredit and informal credit markets; the pattern of long-term participation in microcredit programmes and the variety of loan use; the scaling up of microenterprises beyond subsistence; the "missing middle" in the credit market; and the prospects of linking micro-entrepreneurship with economic development. The book will be of interest to researchers, development practitioners and university students of Development Economics, Rural Development, or Rural Finance, as well as to public intellectuals.
Author : Tobias Adrian
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Financial Stability Monitoring written by Tobias Adrian and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a recently released New York Fed staff report, we present a forward-looking monitoring program to identify and track time-varying sources of systemic risk.
Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Domestic Monetary Policy and Technology
Publisher :
ISBN 13 :
Total Pages : 256 pages
Book Rating : 4.:/5 (327 download)
Download or read book Regulatory Restructuring written by United States. Congress. House. Committee on Financial Services. Subcommittee on Domestic Monetary Policy and Technology and published by . This book was released on 2009 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : William J. Congdon
Publisher : Brookings Institution Press
ISBN 13 : 0815704984
Total Pages : 260 pages
Book Rating : 4.8/5 (157 download)
Download or read book Policy and Choice written by William J. Congdon and published by Brookings Institution Press. This book was released on 2011 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Argues that public finance--the study of the government's role in economics--should incorporate principles from behavior economics and other branches of psychology.
Author : Bernard Salanié
Publisher : MIT Press
ISBN 13 : 0262195259
Total Pages : 257 pages
Book Rating : 4.2/5 (621 download)
Download or read book The Economics of Contracts written by Bernard Salanié and published by MIT Press. This book was released on 2005-03-11 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: A concise introduction to the theory of contracts, emphasizing basic tools that allow the reader to understand the main theoretical models; revised and updated throughout for this edition.
