Pine processionary maximum recorded of . The species flies from May to July. "T. pityocampa" is a highly social organism. Throughout its life cycle, a pine processionary will make several shelters. The first of these are flimsy and temporary, but in the third instar, they build a permanent nest. Once their permanent nest is built, the caterpillars become foragers staying in the vicinity of the nest. The nest has no openings, so caterpillars force themselves through the layers of the shelter. The waste from the larvae's diet accumulates at the bottom of the nest. The pine processionary caterpillar is responsible for most
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