In this paper we consider a utility-maximization model for health care. On the basis of the equilibrium conditions derived for patients and the providers of the medical service, we evaluate the importance of cost-sharing between the patients and the third party and provide an explanation for the...

Statistics gathered by the Pension Benefit Guaranty Corporation indicate that an average of 7,000 defined benefit plans were terminated per year between 1988 and 1997. Prior studies exploring motives for defined benefit pension plan terminations have focused exclusively on overfunded plans. This...

This study tests two major theories of insurer underwriting cycles and extends the hypotheses to explain insurers’ reserving behaviors. By applying a simultaneous equations model to cross-sectional and time-series firm-level data, this study proposes that insurers’ net investment income can...