Borradores de Economia
Number:
546
Published:
Classification JEL:
D86, D82, G23
Keywords:
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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A minimum performance insurance in the Principal-Agent problem is wealth reducing to the principal. This result points to further inefficiencies in mandatory individual Pension Funds' contracts, particularly the one established in the 1993's 100th Law in