Ryan, Matthew Joseph; Vaithianathan, Rhema - In: Contributions in Theoretical Economics 3 (2003) 1
Stiglitz (1977) established three well-known features of monopoly insurance markets subject to adverse selection: (i) at least one market segment is served, despite the informational asymmetry; (ii) there is always some screening of risk classes; and (iii) efficiency is sacrificed to achieve...