Implementation Under Limited Commitment

2021 ◽  
Author(s):  
Jean Barthelemy ◽  
Eric Mengus
Keyword(s):  

Author(s):  
Junkee Jeon ◽  
Hyeng Keun Koo ◽  
Kyunghyun Park




2012 ◽  
Author(s):  
George Georgiadis ◽  
Steven A. Lippman ◽  
Christopher S. Tang


2012 ◽  
Vol 48 (2) ◽  
pp. 115-132 ◽  
Author(s):  
Łukasz Balbus ◽  
Kevin Reffett ◽  
Łukasz Woźny


2013 ◽  
Vol 5 (4) ◽  
pp. 107-140 ◽  
Author(s):  
Tobias Broer

This paper shows how two standard models of consumption risk-sharing—self-insurance through borrowing and saving and limited commitment to insurance contracts—replicate similarly well the standard, second-moment measures of insurance observed in US micro data. A nonparametric analysis, however, reveals strongly contrasting and counterfactual joint distributions of consumption, income and wealth. Method of moments estimation shows how measurement error in consumption eliminates excessive skewness and smoothness of consumption growth. Moreover, counterfactual nonlinearities disappear at high-estimated risk aversion under self-insurance, but are a robust feature of limited commitment. Its “shape of insurance” thus argues in favor of the self-insurance model. (JEL D14, D81, D91, G22, E21)



2006 ◽  
Author(s):  
Ramon Marimon ◽  
Vincenzo Quadrini
Keyword(s):  


Development ◽  
1996 ◽  
Vol 122 (1) ◽  
pp. 151-160 ◽  
Author(s):  
P.J. Gage ◽  
M.L. Roller ◽  
T.L. Saunders ◽  
L.M. Scarlett ◽  
S.A. Camper

The Ames dwarf mouse transmits a recessive mutation (df) resulting in a profound anterior pituitary hypocellularity due to a general lack of thyrotropes, somatotropes and lactotropes. These cell types are also dependent on the pituitary-specific transcription factor, Pit-1. We present evidence that expression of Pit-1 and limited commitment to these cells lineages occurs in df/df pituitaries. Thus, the crucial role of df may be in lineage-specific proliferation, rather than cytodifferentiation. The presence of all three Pit-1-dependent cell types in clonally derived clusters provides compelling evidence that these three lineages share a common, pluripotent precursor cell. Clusters containing different combinations of Pit-1-dependent cell types suggests that the Pit-1+ precursor cells choose from multiple developmental options during ontogeny. Characterization of df/df<-->+/+ chimeric mice demonstrated that df functions by a cell-autonomous mechanism. Therefore, df and Pit-1 are both cell-autonomous factors required for thyrotrope, somatotrope and lactotrope ontogeny, but their relative roles are different.



2017 ◽  
Author(s):  
Fabio Antoniou ◽  
Raffaele Fiocco
Keyword(s):  


2020 ◽  
Vol 11 (2) ◽  
pp. 671-711
Author(s):  
Christian A. Stoltenberg ◽  
Swapnil Singh

This paper investigates whether assuming that households possess advance information on their income shocks helps to overcome the difficulty of standard models to understand consumption insurance in the US. As our main result, we find that the quantitative relevance of advance information crucially depends on the structure of insurance markets. For a realistic amount of advance information, a complete markets model with endogenous solvency constraints due to limited commitment explains several key consumption insurance measures better than existing models without advance information. In contrast, when advance information is integrated into a standard incomplete markets model, it affects household consumption‐saving decisions too little to bridge the gap between the model and the data and can induce counterfactual correlations between current consumption growth and future income growth.



Author(s):  
Fabio Antoniou ◽  
Raffaele Fiocco
Keyword(s):  


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