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I study a class of optimisation problems in finite-dimensional Euclidean spaces for which the value function is almost everywhere differentiable even when objective function is discontinuous. I call this class of problems positioning choice problem as it has a straightforward geometrical interpretation as a choice of position. I collect observations about this class of problems as a collection of "Ad-Hoc" envelope theorems for discontinuous objective functions. I apply the findings to the theory of moral hazard / mechanism design. In particular, I study models of fraud in the design of securities and insurance.

Positioning choice problems and their applications to the theory of moral hazard

LAUZIER, JEAN-GABRIEL
2021

Abstract

I study a class of optimisation problems in finite-dimensional Euclidean spaces for which the value function is almost everywhere differentiable even when objective function is discontinuous. I call this class of problems positioning choice problem as it has a straightforward geometrical interpretation as a choice of position. I collect observations about this class of problems as a collection of "Ad-Hoc" envelope theorems for discontinuous objective functions. I apply the findings to the theory of moral hazard / mechanism design. In particular, I study models of fraud in the design of securities and insurance.
27-gen-2021
Inglese
31
2018/2019
ECONOMICS AND FINANCE
Settore SECS-P/01 - Economia Politica
KOS, NENAD
MARINACCI, MASSIMO
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11565/4035696
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