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Year: 1984 Publisher: Cambridge, Mass. National Bureau of Economic Research
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ISBN: 0306409232 9780306409233 0306415453 9780306415456 1461572681 1461572665 1461296854 1461327156 Year: 1984 Publisher: New York (N.Y.): Plenum
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Insects --- -Insects --- -Ultrastructure (Biology) --- Fine structure (Biology) --- Nanobiology --- Cells --- Microstructure --- Nanoscience --- Hexapoda --- Insecta --- Pterygota --- Arthropoda --- Entomology --- Anatomy --- Cytology --- Ultrastructure (Biology) --- Anatomy. --- Cytology. --- Ultrastructure (Biology). --- Zoology and Animal Sciences. Biology of Animal Taxonomic Groups -- Insecta --- ALLW. --- Zoology and Animal Sciences Biology of Animal Taxonomic Groups -- Insecta.
Book
Year: 1984 Publisher: Cambridge, Mass. National Bureau of Economic Research
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This paper studies the economic role of financial institutions in economies where agents' incomes are subject to privately observable, idiosyncratic random events. The information structure precludes conventional insurance arrangements. However, a financial institution -- perhaps best viewed as a savings bank -- can provide partial insurance by generating a time pattern of deposit returns that redistributes wealth from agents with high incomes to those with low incomes, resulting in a level of expected utility higher than that achievable in simple security markets. Insurance is incomplete because the bank faces a tradeoff between provision of insurance and maintenance of private incentives.
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