BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Date iCal//NONSGML kigkonsult.se iCalcreator 2.20.2//
METHOD:PUBLISH
X-WR-CALNAME;VALUE=TEXT:TSE
BEGIN:VTIMEZONE
TZID:Europe/Paris
BEGIN:STANDARD
DTSTART:20241027T030000
TZOFFSETFROM:+0200
TZOFFSETTO:+0100
RDATE:20251026T030000
TZNAME:CET
END:STANDARD
BEGIN:DAYLIGHT
DTSTART:20250330T020000
TZOFFSETFROM:+0100
TZOFFSETTO:+0200
TZNAME:CEST
END:DAYLIGHT
END:VTIMEZONE
BEGIN:VEVENT
UID:calendar.135256.field_date.0@www.tse-fr.eu
DTSTAMP:20260415T061316Z
CREATED:20240710T071001Z
DESCRIPTION:Keith Ericson (Boston University)\, “Moral Hazard under Liquidi
 ty Constraints”\, Behavior\, Institutions\, and Development Seminar\, Apri
 l 3\, 2025\, 11:00–12:30\, room Auditorium 4.\n\nSpending induced by healt
 h insurance is often called moral hazard and definitionally assumed to be 
 inefficient. We adapt standard models and show that for those living ``han
 d-to-mouth'\, the financing benefits of insurance cause a portion of moral
  hazard to be efficient. Although insurance's price distortions also creat
 e some inefficient spending\, the net welfare impacts of moral hazard can 
 be positive. We present an intuitive graphical framework and formal result
 s to distinguish moral hazard’s efficient and inefficient components. Simu
 lations show economically significant net benefits of moral hazard in many
  cases. Our framework also provides a new way of modeling the ``income eff
 ect'' induced by  insurance\, and distinguishes it from the ``liquidity ef
 fect'. While both can lead to efficient moral hazard\, moral-hazard benefi
 ts from the ``liquidity effect' are often substantially larger. We use our
  framework to revisit prior estimates of Medicaid’s value from the Oregon 
 Health Insurance Experiment. For individuals with minimal liquidity\, Medi
 caid's value is more than twice prior estimates. (Joint with Johannes G. J
 aspersen\, and Justin Sydnor.)
DTSTART;TZID=Europe/Paris:20250403T120000
DTEND;TZID=Europe/Paris:20250403T133000
LAST-MODIFIED:20260113T095129Z
LOCATION:April 3\, 2025\, 11:00–12:30\, room Auditorium 4
SUMMARY:Behavior\, Institutions\, and Development Seminar
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2025-moral-hazard-under-liquidi
 ty-constraints
END:VEVENT
END:VCALENDAR