Tom Baker authored an article "on the genealogy of" this economic concept. Roland Maude-Griffin and John Nyman have written a
Tom Baker authored an article "on the genealogy of" this economic concept. Roland Maude-Griffin and John Nyman have written a paper on the welfare effects of it in a belated response to a work by Mark Pauly on the economics of this. First coined by Kenneth Arrow, this term arises in international law in the case of odious debt where loans give incentives to foster corrupt regimes, but the classic case of this phenomenon deals with health insurance, the possession of which may inefficiently affect how patients make use of medical services. FTP give the economic term for the irresponsible behavior people tend to exhibit when all risk is transferred away from them.
Tom Baker authored an article "on the genealogy of" this economic concept.
moral hazard