Some Current Insurance Markets Are Troubled by the Presence of Systematic Risk Or by the Inability of the Parties to Specify the Distribution for Aggregate Loss. Such Circumstances Partly Characterise the Topical "Liability Insurance Crisis". We Compare the Performance of Alternative Vehicles...

This Article Investigates the Practice of Experience Rating by Insurance Companies in the Presence of Symmetric Information Between the Insured and the Insurer. Experience Rating Is Treated As the Acquisition of Information by Both Parties to the Insurance Contract. When the Insured Buys...

In This Paper, We Present a Critical Review of the Main Characteristics of the Automobile Insurance Regime in Quebec, Emphasizing Both the Compensation and the Pricing of Insurance. Moreover, We Present a Recommendation in Order to Improve the Classification of Risks and to Increase Incentives...

At any given point in time, the collection of assets existing in the economy is observable. Each asset is a function of a set of contingencies. The union taken over all assets of these contingencies is what we call the set of publicly known states. An innovation is a set of states that are not...

For Many Years, Economists and Actuaries Have Studied Multiperiod Insurance Contracts Independently and Differently. This Paper Presents a First Empirical Economic Study on Moral Hazard and Experience Rating While Making Reference to Previous Empirical Actuarial Studies. the First Objective Is...

Although Insurers Face Adverse Selection and Moral Hazard When They Set Insurance Contracts, These Two Types of Asymmetrical Information Have Been Given Separate Treatments Sofar in the Economic Literature. This Paper Is a First Attempt to Integrate Both Problems Into a Single Model. We Show How...

In This Paper, We Summarize the Various Effects on Road Safety of the New Automobile Insurance Regime Introduced in the Province of Quebec on March 1, 1978, As These Effects Are Estimated by the Drag Model of the Demand for Road Use, Accidents and Their Gravity. to This End, We Provide a Short...

In This Paper, We Generalize Hoy and Robson (1981) Analysis and We Provide a Necessary and Sufficient Condition for Insurance Not to Be Giffen. the Condition Gives a Bound for the Variation of the Absolute Risk Avesion Which Pemits the Wealth Effect to Be Always Dominated by the Subsitution Effect.