Econ 711 Homework 8 Solutions
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چکیده
u(h(xG)) = πHu(f(xG)) + (1− πH)u(xG) > πHu(mB) + (1− πH)u(mG) . Thus IRH is satisfied. IRL binds by the definition of f. ICH binds by the definition of h. Finally, ICL is satisfied since the utility of full insurance is the same for both high and low types, so u(h(xG)) = πHu(f(xG)) + (1− πH)u(xG) < πLu(f(xG)) + (1− πL)u(xG) since the payoff in the good state is higher than the payoff in the bad state. Thus this pair of contracts statisfies all our
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