Income Insurance with Uncertain Output
研究为面临产出不确定性的个体生产者提供收入保险的市场方案，设计了一种避免道德风险的保险合同，并证明其均衡等价于所有生产者均可参与的股票市场。
This paper examines the properties of a market solution to the output uncertainty problem faced by unincorporated primary producers. An insurance contract is formulated and shown to provide income insurance to producers without exposing insurers to moral hazard. The equilibrium relative to this contract is shown to be equivalent to that effected by a stock market available to all producers. Copyright 1989 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.