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Between Moral Hazard and Legal Uncertainty

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Release : 2018-11-15
Genre : Philosophy
Kind : eBook
Book Rating : 609/5 ( reviews)

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Book Synopsis Between Moral Hazard and Legal Uncertainty by : Matthias Braun

Download or read book Between Moral Hazard and Legal Uncertainty written by Matthias Braun. This book was released on 2018-11-15. Available in PDF, EPUB and Kindle. Book excerpt: Genome Editing Techniques are seen to be at the frontier of current research in the field of emerging biotechnologies. The latest revolutionary development, the so-called CRISPR technology, represents a paradigmatic example of the ambiguity of such techniques and has resulted in an international interdisciplinary debate on whether or not it is necessary to ban the application of this technique by means of a moratorium on its use for human germline modifications, particularly in human embryos in the reproduction process. However, given that other germline engineering techniques like mitochondrial (mt) DNA transfer techniques are already permitted and applied, the question arises what lies at the root of the apparent social unease about the modification of the human germline by Genome Editing Techniques like CRISPR. Against this background, the book seeks to make a substantial contribution to the current debate about a responsible and participatory framework for research on emerging biotechnologies by analysing underlying perceptions, attitudes, arguments and the reasoning on Genome Editing Techniques.

Uncertainty, Legal Liability and Incentive Contracts

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Release : 2008
Genre :
Kind : eBook
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Book Synopsis Uncertainty, Legal Liability and Incentive Contracts by : John Evans

Download or read book Uncertainty, Legal Liability and Incentive Contracts written by John Evans. This book was released on 2008. Available in PDF, EPUB and Kindle. Book excerpt: To address agents' moral hazard over effort, incentive contracts impose risk on the agents. As performance measures become noisier, the conventional agency analysis predicts that principals will reduce the incentive weights assigned to such measures. However, prior empirical results (Prendergast 2002) frequently find the opposite, i.e., incentive weights are larger (agents bear more risk) in more uncertain environments. This paper provides new evidence on the association between the extent of uncertainty and the level of risk imposed on agents. In the context of contracts between managed care organizations and physicians, we examine the effect of task characteristics and the legal liability environment on the extent of risk that physicians bear. We derive the optimal weighting of multiple performance measures in a model of a physician's choice of revenue-generating and cost control efforts. The model predicts that physicians who face less task uncertainty bear more cost risk in their contracts, as predicted by the conventional moral hazard model. Likewise, the model predicts that as the association between task uncertainty and legal liability uncertainty becomes stronger, physicians bear less cost risk in their contracts. Our empirical results generally support these predictions. We offer an explanation for why these results tend to be consistent with the conventional moral hazard analysis, contrary to empirical results in a number of previous studies.

Risk, Uncertainty and Profit

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Release : 2006-11-01
Genre : Business & Economics
Kind : eBook
Book Rating : 053/5 ( reviews)

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Book Synopsis Risk, Uncertainty and Profit by : Frank H. Knight

Download or read book Risk, Uncertainty and Profit written by Frank H. Knight. This book was released on 2006-11-01. Available in PDF, EPUB and Kindle. Book excerpt: A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.

Allocation, Information and Markets

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Release : 1989-09-21
Genre : Business & Economics
Kind : eBook
Book Rating : 150/5 ( reviews)

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Book Synopsis Allocation, Information and Markets by : John Eatwell

Download or read book Allocation, Information and Markets written by John Eatwell. This book was released on 1989-09-21. Available in PDF, EPUB and Kindle. Book excerpt: This is an extract from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This volume concentrates on the topic of allocation information and markets.

Moral Uncertainty

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Release : 2020
Genre : Business & Economics
Kind : eBook
Book Rating : 273/5 ( reviews)

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Book Synopsis Moral Uncertainty by : William MacAskill

Download or read book Moral Uncertainty written by William MacAskill. This book was released on 2020. Available in PDF, EPUB and Kindle. Book excerpt: About the bookToby Ord try to fill this gap. They argue that there are distinctive norms that govern how one ought to make decisions and defend an information-sensitive account of how to make such decisions. They do so by developing an analogy between moral uncertainty and social choice, noting that different moral views provide different amounts of information regarding our reasons for action, and arguing that the correct account of decision-making under moral uncertainty must be sensitive to that. Moral Uncertainty also tackles the problem of how to make intertheoretic comparisons, and addresses the implications of their view for metaethics and practical ethics. Very often we are uncertain about what we ought, morally, to do. We do not know how to weigh the interests of animals against humans, how strong our duties are to improve the lives of distant strangers, or how to think about the ethics of bringing new people into existence. But we still need to act. So how should we make decisions in the face of such uncertainty? Though economists and philosophers have extensively studied the issue of decision-making in the face of uncertainty about matters of fact, the question of decision-making given fundamental moral uncertainty has been neglected. In Moral Uncertainty, philosophers William MacAskill, Krister Bykvist, and Toby Ord try to fill this gap. They argue that there are distinctive norms that govern how one ought to make decisions and defend an information-sensitive account of how to make such decisions. They do so by developing an analogy between moral uncertainty and social choice, noting that different moral views provide different amounts of information regarding our reasons for action, and arguing that the correct account of decision-making under moral uncertainty must be sensitive to that. Moral Uncertainty also tackles the problem of how to make intertheoretic comparisons, and addresses the implications of their view for metaethics and practical ethics.

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