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Insurance as a Giffen good |
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| Authors: | Michael Hoy Arthur J Robson |
| Institution: | University of Western Ontario, London, Ont., Canada N6A 3K7 |
| Abstract: | When natural attrition from membership makes dividend-maximization a reasonable goal, are labor managers perverse? For homogeneous technologies, we demonstrate that improving product market conditions always lead the competitive dividend maximizer to substitute capital for labor if optimal scale is determinate. |
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