Pricila Maziero
University of Pennsylvania
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Publication
Featured researches published by Pricila Maziero.
Journal of Economic Theory | 2016
Laurence Ales; Pricila Maziero
We study how the presence of non-exclusive contracts limits the amount of insurance provided in a decentralized economy. We consider a dynamic Mirrleesian economy in which agents are privately informed about idiosyncratic labor productivity shocks. Agents sign privately observable insurance contracts with multiple firms (i.e., they are non-exclusive). Contracts specify both labor and savings requirements. Firms have no restriction on the contracts they can offer and interact strategically. In equilibrium, contrary to the case with exclusive contracts, a standard Euler equation holds, and the marginal rate of substitution between consumption and leisure is equated to the workers marginal productivity. Also, each agent receives zero net present value of transfers. These conditions imply the equilibrium allocation is equivalent to a standard incomplete markets model. To sustain this equilibrium, more than one firm must be active and must also offer latent contracts to deter deviations to more profitable contingent contracts. In this environment, the non-observability of contracts removes the possibility of additional insurance beyond self-insurance.
2007 Meeting Papers | 2008
Laurence Ales; Pricila Maziero
2009 Meeting Papers | 2009
Laurence Ales; Pricila Maziero
National Bureau of Economic Research | 2012
Laurence Ales; Pricila Maziero; Pierre Yared
Archive | 2012
Laurence Ales; Pricila Maziero; Pierre Yared
National Bureau of Economic Research | 2012
Mikhail Golosov; Pricila Maziero; Guido Menzio
2011 Meeting Papers | 2011
Pricila Maziero; Pierre Yared; Laurence Ales
2016 Meeting Papers | 2016
Pricila Maziero
2013 Meeting Papers | 2013
Pricila Maziero; Pierre Yared; Laurence Ales
2011 Meeting Papers | 2011
Mikhail Golosov; Guido Menzio; Pricila Maziero