Journal ArticleDOI
The efficiency of insurance markets
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In this paper, the authors provide a systematic analysis of various types of behavior changes induced by insurance, which all tend to increase the insured losses and the welfare implications of these changes as well as the means to improve the working of insurance markets are studied.About:
This article is published in European Economic Review.The article was published on 1978-01-01. It has received 9 citations till now. The article focuses on the topics: Casualty insurance & Insurance policy.read more
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Book ChapterDOI
Social Insurance, Incentives and Risk-Taking
TL;DR: In this article, the authors argue that both the enhancement of risk taking and the moral hazard effects tend to increase the inequality in the economy, and, under constant returns to risk taking, this increase is likely to be strong enough even to make the net-of-tax income distribution more unequal.
Journal ArticleDOI
Do IMF and IBRD cause moral hazard and political business cycles? Evidence from panel data
Axel Dreher,Roland Vaubel +1 more
TL;DR: In this paper, the authors estimate OLS, 2SLS and GMM regressions to explain IMF and IBRD lending as well as monetary and fiscal policies in the recipient countries.
Journal ArticleDOI
Kinked utility and the demand for human wealth and liability insurance
TL;DR: In this article, the authors show that the von Neumann/Morgenstern utility function is characterized by a horizontal branch for wealth levels below the socially guaranteed minimum wealth and analyze the implications of this property for human wealth and liability insurance.
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Kinked utility and the demand for human wealth and liability insurance
TL;DR: In this article, the authors show that the von Neumann/Morgenstern utility function is characterized by a horizontal branch for wealth levels below the socially guaranteed minimum wealth and analyze the implications of this property for human wealth and liability insurance.
Journal ArticleDOI
Gedanken zur volkswirtschaftlichen Bedeutung des Versicherungswesens
TL;DR: In this paper, the Verfasser auf der Jahrestagung des Deutschen Vereins fur Versicherungswissenschaft am 13. Marz 1987 in Mannheim gehalten hat.
References
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Journal ArticleDOI
Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information
TL;DR: The authors analyzes competitive markets in which the characteristics of the commodities exchanged are not fully known to at least one of the parties to the transaction, and suggests that some of the most important conclusions of economic theory are not robust to considerations of imperfect information.
Journal ArticleDOI
Liquidity Preference as Behavior towards Risk
TL;DR: In this article, the authors derived the liquidity preference schedule from some assumptions regarding the behavior of the decision-making units of the economy, and those assumptions are the concern of this paper.
Book ChapterDOI
Aspects of Rational Insurance Purchasing
TL;DR: In this paper, a series of problems concerned with purchasing of insurance coverage appear to be a fascinating and potentially fruitful field for application and testing of theories of riskbearing, and they are analyzed from the point of view of an individual facing certain risks.
Journal ArticleDOI
Overinsurance and Public Provision of Insurance: The Roles of Moral Hazard and Adverse Selection
TL;DR: In the absence of perfect information, the competitive outcome in markets for insurance may be non-optimal not only compared to the infeasible optimum that would have occurred if information were perfect but also compared to optima that are feasible as mentioned in this paper.