Pine processionary Pine processionary The pine processionary ("Thaumetopoea pityocampa") is a moth of the family Thaumetopoeidae. Sometimes placed in the genus "Traumatocampa", it is one of the most destructive species to pines and cedars in Central Asia, North Africa and the countries of southern Europe. The urticating hairs of the caterpillar larvae cause harmful reactions in humans and other mammals. The species is notable for the behaviour of its caterpillars, which overwinter in tent-like nests high in pine trees, and which proceed through the woods in nose-to-tail columns, protected by their severely irritating hairs, as described by the French entomologist Jean-Henri Fabre.
Moral hazard it were fully exposed to the risk. According to contract theory, moral hazard results from a situation in which a "hidden action" occurs. Bengt Holmström said this: Moral hazard can be divided into two types when it involves asymmetric information (or lack of verifiability) of the outcome of a random event. An "ex-ante" moral hazard is a change in behavior prior to the outcome of the random event, whereas "ex-post" involves behavior after the outcome. For example, in the case of a health insurance company insuring an individual during a specific time-period, the final health of the individual can be