Moral hazard (Topical Term)

Work cat.: Bisin, A. Moral hazard and non-exclusive contracts, 1998.

New Palgrave dict. of econ., 1987 (Moral hazard. May be defined as actions of economic agents in maximizing their own utility to the detriment of others, in situations where they do not bear the full consequences or, equivalently, do not enjoy the full benefits of their actions due to uncertainty and incomplete or restricted contracts which prevent the assignment of full damages (benefits) to the agent responsible)

Macmillan dict. of modern econ., 1992 (Moral hazard. The effect of certain types of insurance systems in causing a divergence between the private marginal social cost of that action thus resulting in an allocation of resources which is not optimal)

Web. 3.

TR-AnTOB Op 26.10.2020