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Erscheinungsjahr: 
2020
Quellenangabe: 
[Journal:] Theoretical Economics [ISSN:] 1555-7561 [Volume:] 15 [Issue:] 2 [Publisher:] The Econometric Society [Place:] New Haven, CT [Year:] 2020 [Pages:] 445-476
Verlag: 
The Econometric Society, New Haven, CT
Zusammenfassung: 
We define and explore the No-Upward-Crossing NUC, a condition satisfied by every parameterized family of distributions commonly used in economic applications. Under smoothness assumptions, NUC is equivalent to log-supermodularity of the negative of the derivative of the distribution with respect to the parameter. It is characterized by a natural monotone comparative static, and is central in establishing quasi-concavity in a family of decision problems. As an application, we revisit the first-order approach to the moral hazard problem. NUC simplifies the relevant conditions for the validity of the first-order approach and gives them an economic interpretation. We provide extensive analysis of sufficient conditions for the first-order approach for exponential families.
Schlagwörter: 
Log-supermodularity
quasi-concavity
moral hazard
first-order approach
JEL: 
D81
D86
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