{"id":"https://openalex.org/W3021997192","doi":"https://doi.org/10.3386/w2484","title":"The Basic Analytics of Moral Hazard","display_name":"The Basic Analytics of Moral Hazard","publication_year":1988,"publication_date":"1988-01-01","ids":{"openalex":"https://openalex.org/W3021997192","doi":"https://doi.org/10.3386/w2484","mag":"3021997192"},"language":"en","primary_location":{"id":"doi:10.3386/w2484","doi":"https://doi.org/10.3386/w2484","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w2484","pdf_url":"https://doi.org/10.3386/w2484","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"volume":null,"type":"report","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.3386/w2484","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5109487846","display_name":"Richard Arnott","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I20089843","display_name":"Princeton University","ror":"https://ror.org/00hx57361","country_code":"US","type":"education","lineage":["https://openalex.org/I20089843"]},{"id":"https://openalex.org/I204722609","display_name":"Queen's University","ror":"https://ror.org/02y72wh86","country_code":"CA","type":"education","lineage":["https://openalex.org/I204722609"]}],"countries":["CA","US"],"is_corresponding":false,"raw_author_name":"Richard Arnott","raw_affiliation_strings":["Department of Economics Department of Economics Queen's University PrincetOn University Kingston, Ontario K7L 3N6 Princeton, NJ 08544 CANADA","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics Department of Economics Queen's University PrincetOn University Kingston, Ontario K7L 3N6 Princeton, NJ 08544 CANADA","institution_ids":["https://openalex.org/I20089843","https://openalex.org/I204722609"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5074218217","display_name":"Joseph Eug\u00e8ne Stiglitz","orcid":"https://orcid.org/0009-0002-5370-6798","observed_orcids":["https://orcid.org/0009-0002-5370-6798","https://orcid.org/0000-0001-6149-046X"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I20089843","display_name":"Princeton University","ror":"https://ror.org/00hx57361","country_code":"US","type":"education","lineage":["https://openalex.org/I20089843"]},{"id":"https://openalex.org/I204722609","display_name":"Queen's University","ror":"https://ror.org/02y72wh86","country_code":"CA","type":"education","lineage":["https://openalex.org/I204722609"]}],"countries":["CA","US"],"is_corresponding":false,"raw_author_name":"Joseph Stiglitz","raw_affiliation_strings":["Department of Economics Department of Economics Queen's University PrincetOn University Kingston, Ontario K7L 3N6 Princeton, NJ 08544 CANADA","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics Department of Economics Queen's University PrincetOn University Kingston, Ontario K7L 3N6 Princeton, NJ 08544 CANADA","institution_ids":["https://openalex.org/I20089843","https://openalex.org/I204722609"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":196,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12394","display_name":"Insurance and Financial Risk Management","score":0.7689999938011169,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12394","display_name":"Insurance and Financial Risk Management","score":0.7689999938011169,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11762","display_name":"Law, Economics, and Judicial Systems","score":0.08449999988079071,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.04839999973773956,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/moral-hazard","display_name":"moral hazard","score":0.9990000128746033},{"id":"https://openalex.org/keywords/insurance-market","display_name":"insurance market","score":0.5550000071525574},{"id":"https://openalex.org/keywords/insurance-premiums","display_name":"insurance premiums","score":0.41999998688697815},{"id":"https://openalex.org/keywords/insurance-contracts","display_name":"insurance contracts","score":0.5329999923706055},{"id":"https://openalex.org/keywords/indifference-curves","display_name":"indifference curves","score":0.8610000014305115},{"id":"https://openalex.org/keywords/expected-utility","display_name":"expected utility","score":0.6380000114440918},{"id":"https://openalex.org/keywords/competitive-equilibrium","display_name":"competitive equilibrium","score":0.8429999947547913},{"id":"https://openalex.org/keywords/work-incentives","display_name":"work incentives","score":0.9710000157356262}],"concepts":[{"id":"https://openalex.org/C79158427","wikidata":"https://www.wikidata.org/wiki/Q485396","display_name":"Analytics","level":2,"score":0.8018096685409546},{"id":"https://openalex.org/C2780202544","wikidata":"https://www.wikidata.org/wiki/Q44454","display_name":"Moral hazard","level":3,"score":0.7571438550949097},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6193570494651794},{"id":"https://openalex.org/C49261128","wikidata":"https://www.wikidata.org/wiki/Q1132455","display_name":"Hazard","level":2,"score":0.41105177998542786},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.32858434319496155},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.26281172037124634},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.21640875935554504},{"id":"https://openalex.org/C2522767166","wikidata":"https://www.wikidata.org/wiki/Q2374463","display_name":"Data science","level":1,"score":0.20525234937667847},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.06786739826202393},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.054052501916885376},{"id":"https://openalex.org/C18903297","wikidata":"https://www.wikidata.org/wiki/Q7150","display_name":"Ecology","level":1,"score":0.047766804695129395}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.3386/w2484","doi":"https://doi.org/10.3386/w2484","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w2484","pdf_url":"https://doi.org/10.3386/w2484","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"}],"best_oa_location":{"id":"doi:10.3386/w2484","doi":"https://doi.org/10.3386/w2484","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w2484","pdf_url":"https://doi.org/10.3386/w2484","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[{"id":"https://openalex.org/F4320306076","display_name":"National Science Foundation","ror":"https://ror.org/021nxhr62"},{"id":"https://openalex.org/F4320334617","display_name":"Social Sciences and Humanities Research Council of Canada","ror":"https://ror.org/04j5jqy92"}],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3021997192.pdf","grobid_xml":"https://content.openalex.org/works/W3021997192.grobid-xml"},"referenced_works_count":8,"referenced_works":["https://openalex.org/W1485535210","https://openalex.org/W1505063426","https://openalex.org/W1546523058","https://openalex.org/W1858733141","https://openalex.org/W2027088814","https://openalex.org/W2059224487","https://openalex.org/W3024937790","https://openalex.org/W3122907681"],"related_works":["https://openalex.org/W1523960533","https://openalex.org/W3123038223","https://openalex.org/W847709271","https://openalex.org/W1592650281","https://openalex.org/W2066935681","https://openalex.org/W7096263714","https://openalex.org/W2325516223","https://openalex.org/W83622453","https://openalex.org/W7132820390","https://openalex.org/W4408099810"],"abstract_inverted_index":{"This":[0],"paper":[1,54,135],"develc\u00e7s":[2],"the":[3,10,26,29,34,39,53,59,62,67,70,79,125,128,153,158],"basic":[4],"analytica":[5],"of":[6,41,52,87,124,127,133,144,149,162,181,195,200],"noral":[7,186],"hazard,":[8],"for":[9],"two-a.itcxziecase":[11],"where":[12],"either":[13],"a":[14,119,172,193],"fixed":[15],"damage":[16],"accident":[17,71],"oirs":[18],"or":[19,121,199],"it":[20],"does":[21],"riot.The":[22],"analysis":[23],"focuses":[24],"on":[25],"relationship":[27],"between":[28],"insurance":[30,35,88,129,183],"premium":[31],"paid":[32],"ar":[33,44],"benefits":[36],"received":[37],"in":[38,47,117],"event":[40],"an":[42,182],"accident,":[43],"is":[45,55,115],"corducted":[46],"benefit-premium":[48],"space.The":[49],"central":[50],"massage":[51],"that":[56,177],"even":[57],"when":[58],"urd.erlyirg":[60],"functions,":[61],"expected":[63],"utility":[64],"function":[65,68,123],"ard":[66,82,113,152,160],"relatim":[69],"prthability":[72],"to":[73,191],"accident-prevention":[74],"effort,":[75],"are":[76,95],"extrQly":[77],"well-behaved,":[78],"irdifference":[80,150],"curves":[81,97,151],"feasibility":[83,103,154],"set":[84,86,155],"(the":[85],"contracts":[89],"which":[90],"at":[91],"least":[92],"break":[93],"even)":[94],"not-irdifference":[96],"need":[98],"not":[99,116,170],"be":[100,111,189],"convex":[101],"arxl":[102],"sets":[104],"never":[105],"are;":[106],"price-ard":[107],"incczeconsunption":[108],"lines":[109],"may":[110],"discontinucus;":[112],"effort":[114],"general":[118],"ircriotonic":[120],"continucus":[122],"paramaters":[126],"policies":[130],"provided.Part":[131],"I":[132],"this":[134],"establishes":[136],"these":[137],"results,":[138],"while":[139],"Part":[140],"II":[141],"discusses":[142],"scm":[143],"their":[145],"iirplications.The":[146],"bad":[147],"behavior":[148],"profirdly":[156],"affects":[157],"nature":[159],"existence":[161],"cxxpetitive":[163],"&iuilibrium.We":[164],"illustrate":[165],"this,":[166],"thcxzh":[167],"we":[168],"do":[169],"provide":[171,192],"thorough":[173],"analysis.We":[174],"also":[175],"show":[176],"cxir":[178],"canonical":[179],"nodel":[180,194],"market":[184],"with":[185,197],"hazard":[187],"can":[188],"reinterpreted":[190],"loans":[196],"bankruptcy,":[198],"work":[201],"incentives.":[202]},"counts_by_year":[{"year":2025,"cited_by_count":41},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":13},{"year":2021,"cited_by_count":6},{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":4},{"year":2018,"cited_by_count":4},{"year":2017,"cited_by_count":6},{"year":2016,"cited_by_count":7},{"year":2015,"cited_by_count":5},{"year":2014,"cited_by_count":2},{"year":2013,"cited_by_count":4},{"year":2012,"cited_by_count":4}],"updated_date":"2026-10-31T12:09:11.096373","created_date":"2020-05-13T00:00:00"}