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The insider-outsider theory is a theory of labor economics that explains how firm behavior, national welfare, and wage negotiations are affected by a group in a more privileged position. [1] The theory was developed by Assar Lindbeck and Dennis Snower in a series of publications beginning in 1984. [1] [2] [3] Wages set by insiders [4]
Coordination failure can lead to an underemployment equilibrium. [3] Coordination failure also implies that fiscal policy can mitigate the effects of recessions, or even avoid them entirely, by moving the economy to a higher-output equilibrium. [3] [4] In game theory, coordination failure can also be analyzed by focal point (game theory). Focal ...
Secondly, the agent may be risk-neutral but wealth-constrained and so the agent cannot make a payment to the principal and there is a trade-off between providing incentives and minimizing the agent's limited-liability rent. [47] Among the early contributors to the contract-theoretic literature on moral hazard were Oliver Hart and Sanford J ...
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Texas Attorney General Ken Paxton filed a lawsuit against VA Claims Insider, LLC For allegedly attempting to deceive and defraud veterans seeking disability benefits from the U.S. Department of ...
In modern contract theory, "adverse selection" characterizes principal-agent models in which an agent has private information before a contract is written. [ 23 ] [ 24 ] For example, a worker may know his effort costs (or a buyer may know his willingness-to-pay) before an employer (or a seller) makes a contract offer.
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