Organizations in Economic Analysis

John H. Boyd, Edward Prescott and Bruce Smith

Canadian Journal of Economics, 1988, vol. 21, issue 3, 477-91

Abstract: Three economic environments are reviewed and, in each, organizations play an essential role. For an adve rse selection insurance economy, the authors find that when mutual in surance arrangements are permitted, an equilibrium necessarily exists and is optimal. This example, and two others, illustrate the problem s that may result from imposing organizational structure on an enviro nment rather than permitting the structure to be determined endogenou sly.

Date: 1988
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