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's (1976) model of competitive insurance. I allow for stochastic contract offers by insurance firms and show that a unique … mixed equilibrium features (i) cross-subsidization across risk levels, (ii) dependence of offers on the risk distribution …
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only costs of risk selection, but can also play an important role in loss-prevention. -- externalities ; insurance monopoly … externalities by setting appropriate prevention incentives through insurance premiums. A monopoly insurance solution reduces not …
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retirement. In order to introduce the existence of limited-time pension insurance, we assume that for each period of retirement … that different risk-groups prefer different types of contracts, and that only the sequential contracts, which are …
Persistent link: https://www.econbiz.de/10001731756
-time pension insurance, we consider a model where for each period of retirement separate contracts can be purchased. Demand for the … two periods can be decided either sequentially or simultaneously. We show that only a situation where all risk types …
Persistent link: https://www.econbiz.de/10009750235
retirement. In order to introduce the existence of limited-time pension insurance, we assume that for each period of retirement … that different risk-groups prefer different types of contracts, and that only the sequential contracts, which are …
Persistent link: https://www.econbiz.de/10011541030
This paper investigates the effect of adverse selection and price competition on the private annuity market in a model with two retirement periods. In this framework annuity companies can offer contracts with different payoffs over the periods of retirement. Varying the time structure of the...
Persistent link: https://www.econbiz.de/10009750561
Diversification through a financial intermediary has the benefit of transforming loans that need costly monitoring into bank deposits that do not. We show, however, that financial intermediation in a costly state verification model has a cost not yet analyzed: it allows for the existence of...
Persistent link: https://www.econbiz.de/10013017966