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Author: Georges Dionne
Publisher: Springer Science & Business Media
ISBN: 0792392043
Category : Business & Economics
Languages : en
Pages : 748
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Book Description
Economic and financial research on insurance markets has undergone dramatic growth since its infancy in the early 1960s. Our main objective in compiling this volume was to achieve a wider dissemination of key papers in this literature. Their significance is highlighted in the introduction, which surveys major areas in insurance economics. While it was not possible to provide comprehensive coverage of insurance economics in this book, these readings provide an essential foundation to those who desire to conduct research and teach in the field. In particular, we hope that this compilation and our introduction will be useful to graduate students and to researchers in economics, finance, and insurance. Our criteria for selecting articles included significance, representativeness, pedagogical value, and our desire to include theoretical and empirical work. While the focus of the applied papers is on property-liability insurance, they illustrate issues, concepts, and methods that are applicable in many areas of insurance. The S. S. Huebner Foundation for Insurance Education at the University of Pennsylvania's Wharton School made this book possible by financing publication costs. We are grateful for this assistance and to J. David Cummins, Executive Director of the Foundation, for his efforts and helpful advice on the contents. We also wish to thank all of the authors and editors who provided permission to reprint articles and our respective institutions for technical and financial support.
Author: Georges Dionne
Publisher: Springer Science & Business Media
ISBN: 0792392043
Category : Business & Economics
Languages : en
Pages : 748
Get Book Here
Book Description
Economic and financial research on insurance markets has undergone dramatic growth since its infancy in the early 1960s. Our main objective in compiling this volume was to achieve a wider dissemination of key papers in this literature. Their significance is highlighted in the introduction, which surveys major areas in insurance economics. While it was not possible to provide comprehensive coverage of insurance economics in this book, these readings provide an essential foundation to those who desire to conduct research and teach in the field. In particular, we hope that this compilation and our introduction will be useful to graduate students and to researchers in economics, finance, and insurance. Our criteria for selecting articles included significance, representativeness, pedagogical value, and our desire to include theoretical and empirical work. While the focus of the applied papers is on property-liability insurance, they illustrate issues, concepts, and methods that are applicable in many areas of insurance. The S. S. Huebner Foundation for Insurance Education at the University of Pennsylvania's Wharton School made this book possible by financing publication costs. We are grateful for this assistance and to J. David Cummins, Executive Director of the Foundation, for his efforts and helpful advice on the contents. We also wish to thank all of the authors and editors who provided permission to reprint articles and our respective institutions for technical and financial support.
Author: Marika Ilona Cabral
Publisher: Stanford University
ISBN:
Category :
Languages : en
Pages : 290
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Book Description
This dissertation consists of four distinct essays. In an essay entitled "Claim Timing and Ex Post Adverse Selection: Evidence from Dental 'Insurance, ' " I explore the impact of strategic timing on insurance market allocations. If people can delay a claim just long enough to buy more insurance coverage in anticipation of it, severe adverse selection may result, and in extreme cases, this can lead to the complete unraveling of an insurance market. I study these forces by analyzing dental treatments and insurance, with the goal of understanding insurance in the market for dental care and also revealing lessons that apply to insurance markets more broadly. Using rich claim-level data from a large firm, my analysis reveals that the strategic delay of treatment and the associated adverse selection may be an important factor in explaining why so few people have dental coverage in the US and why typical dental "insurance" contracts provide so little insurance. More generally, my results suggest that insurance products without contract features designed to limit coverage for strategically delayed costs (e.g., open-enrollment periods, pricing pre-existing conditions) may generate unraveling. An essay entitled "The Hated Property Tax: Salience, Tax Rates, and Tax Revolts" (with Caroline Hoxby), explores the relationship between the salience of the property tax and observed property tax rates. We hypothesize that high salience explains the unpopularity of the property tax, the level of the property tax, and prevalence of property tax revolts. To identify variation in the salience of the property tax over local jurisdictions and over time, we exploit conditionally random variation in tax escrow, a method of paying the property tax that makes it much less salient. We find that areas in which the property tax is less salient are areas in which property taxes are higher and property tax revolts are less likely to occur. In an essay entitled "Private Coverage and Public Costs: Identifying the Effect of Private Supplemental Insurance on Medicare Spending" (with Neale Mahoney), we explore the impact of private supplemental insurance on Medicare spending. Private supplemental insurance to "fill the gaps" of Medicare, known as Medigap, is very popular. We estimate the impact of this supplemental insurance on total medical spending using an instrumental variables strategy that leverages discontinuities in Medigap premiums at state boundaries. Our estimates suggest that Medigap increases medical spending by 57 percent---or about 40 percent more than previous estimates suggest. Back-of-the-envelope calculations indicate that a 20 percent tax on premiums would generate combined revenue and savings of 6.2 percent of Medicare baseline costs. An essay entitled "The Effect of Insurance Coverage on Preventive Care" (with Mark Cullen), explores the effect of insurance coverage on preventive care utilization. Using health insurance claims data from a large company, this paper examines the implementation of an insurance benefit design which differentially increased the marginal price of curative care (non-preventive care) while decreasing the marginal price of prevention. We examine the effect of the differential price change on the use of preventive procedures. We reveal evidence consistent with an important negative cross-price effect; that is, increases in the price of curative care can depress preventive care utilization.
Author: Guy Thomas
Publisher: Cambridge University Press
ISBN: 110710033X
Category : Business & Economics
Languages : en
Pages : 285
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Book Description
A novel book that argues that, contrary to received wisdom, some adverse selection in insurance markets is beneficial to society as a whole. It is for all those interested in public policy arguments about insurance and discrimination: policymakers, academics, actuaries, underwriters, disability activists, geneticists and other medical professionals.
Author: David M. Cutler
Publisher: MIT Press
ISBN: 9780262532662
Category : Business & Economics
Languages : en
Pages : 196
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Book Description
Leading economists discuss current health policy challenges, including prescription drugs benefits as a component of Medicare and conversion to for-profit health plans.
Author: Amy Finkelstein
Publisher: Columbia University Press
ISBN: 0231538685
Category : Medical
Languages : en
Pages : 161
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Book Description
Addressing the challenge of covering heath care expenses—while minimizing economic risks. Moral hazard—the tendency to change behavior when the cost of that behavior will be borne by others—is a particularly tricky question when considering health care. Kenneth J. Arrow’s seminal 1963 paper on this topic (included in this volume) was one of the first to explore the implication of moral hazard for health care, and Amy Finkelstein—recognized as one of the world’s foremost experts on the topic—here examines this issue in the context of contemporary American health care policy. Drawing on research from both the original RAND Health Insurance Experiment and her own research, including a 2008 Health Insurance Experiment in Oregon, Finkelstein presents compelling evidence that health insurance does indeed affect medical spending and encourages policy solutions that acknowledge and account for this. The volume also features commentaries and insights from other renowned economists, including an introduction by Joseph P. Newhouse that provides context for the discussion, a commentary from Jonathan Gruber that considers provider-side moral hazard, and reflections from Joseph E. Stiglitz and Kenneth J. Arrow. “Reads like a fireside chat among a group of distinguished, articulate health economists.” —Choice
Author: Bahrum Lamehdasht
Publisher: Lulu.com
ISBN: 1291879471
Category : Business & Economics
Languages : en
Pages : 149
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Book Description
This book contains essays and revision notes for Microeconomics at the undergraduate level. This book includes the following topics: - Utility Curves; - Perfect Competition vs. Monopoly; - Oligopoly; - Collusion; - Monopolistic Competition; - Price Discrimination; - X-Efficiency; - Why do Firms Exist?; - Negative Externalities; - Positive Externalities; - Public Goods; - Adverse Selection; - General Equilibrium; - Efficiency Wages; - Minimum Wages and Unemployment; - Arrow-Pratt Risk-Aversion
Author: Georges Dionne
Publisher: Springer Science & Business Media
ISBN: 9780792383949
Category : Business & Economics
Languages : en
Pages : 388
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Book Description
Motor vehicle accidents are still a leading cause of death, even if the trend has somewhat declined over the past 20 years. Indeed, motor vehicle accidents are a significant cause of death in comparison with air and space transport accidents, homicides and even HIV infections, causes which are more often highlighted in the media. As shown in this book, motor vehicle accidents are particularly damaging to very young drivers. The assessment of driving risks is a common concern for road transportation safety and the automobile insurance industry. In both cases, there is an awareness of the great losses resulting from the deaths, injuries and property damage caused by traffic accidents. Research is essential to counteract this public health threat, to assess the success or failure of countermeasures, and to solve the problems it generates in the insurance industry. This book is for people concerned about road crashes (prevention and compensation) and about the insurance problems they pose - namely private and public institutional authorities, consultants, administrators, practitioners, and researchers interested in sharing the authors' experience in this domain. The book presents original contributions related to motor vehicle insurance and road safety. All papers have been evaluated by external referees. Four subjects are covered: 1) Automobile Insurance Pricing, Risks and Asymmetric Information; 2) Insurance Fraud; 3) Young Drivers: Licensing Policies, Evaluation and Risks; and 4) Road Insurance Regulation.
Author: Petra Steinorth
Publisher: VVW GmbH
ISBN: 3862980790
Category : Business & Economics
Languages : en
Pages : 146
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Book Description
"Petra Steinorth präsentiert in ihrer in englischer Sprache vorgelegten kumulativen Dissertationsschrift drei theoretische Modelle, die Versicherungsentscheidungen über mehrere Perioden und bei privater Information seitens der Versicherungsnehmer ökonomisch untersuchen. Die Dissertation leistet einen wichtigen Beitrag zur theoretischen Forschung im Bereich Versicherungsökonomie, da insbesondere zu mehrperiodigen Fragestellungen noch großer Forschungsbedarf besteht: Der Beitrag ""Impact of Health Savings Accounts on Precautionary Savings, Demand for Health Insurance and Prevention Effort"" untersucht den Einfluss von steuerlich begünstigten Gesundheitssparkonten auf das Sparverhalten, die Nachfrage nach Krankenversicherung und Prävention. Im zweiten Beitrag ""Yes, No, Perhaps - Explaining the Demand for Risk Classification Insurance with Imperfect Private Information"" wird untersucht, welche Granularität der Risikoklassifizierung optimal ist, wenn die Versicherungsnehmer unvollständige private Information über ihren zukünftigen Risikotyp haben. Der dritte Beitrag ""The Demand for Enhanced Annuities"" analysiert die Reaktion des Marktes auf die Einführung von sogenannten Enhanced Annuities. Dabei handelt es sich um Rentenversicherungsprodukte, die die individuelle Lebenserwartung bei der Tarifierung berücksichtigen. Die wissenschaftliche Arbeit ist auch für Mitarbeiter in Versicherungsunternehmen von Interesse, da sie wichtige Bereiche des Produktmanagements in der Lebens- und Krankenversicherung behandelt. Petra Steinorth ́s dissertation consists of three theoretical models, which all examine the economics of selected multi-period insurance decisions with private information on the part of the insured. The thesis makes an important contribution to insurance economics literature as multi-period problems have not yet been widely studied. The article ""Impact of Health Savings Accounts on Precautionary Savings, Demand for Health Insurance and Prevention Effort"" investigates how tax incentives like health savings accounts influence savings for medical costs, the demand for health insurance and ex ante moral hazard. The second article ""Yes, no, perhaps - Explaining the Demand for Risk Classification Insurance"" examines the optimal risk classification in case the insured have incomplete private information regarding their future risk type. The third article ""The Demand for Enhanced Annuities"" analyzes the market reaction to the introduction of so-called enhanced annuities, which are annuities that take individual factors influencing life expectancy into account for pricing. The scientific dissertation is also of interest to insurance practitioners as it examines important issues in the field of health and life insurance product management."
Author: Georges Dionne
Publisher: Springer Science & Business Media
ISBN: 1461401550
Category : Business & Economics
Languages : en
Pages : 1133
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Book Description
This new edition of the Handbook of Insurance reviews the last forty years of research developments in insurance and its related fields. A single reference source for professors, researchers, graduate students, regulators, consultants and practitioners, the book starts with the history and foundations of risk and insurance theory, followed by a review of prevention and precaution, asymmetric information, risk management, insurance pricing, new financial innovations, reinsurance, corporate governance, capital allocation, securitization, systemic risk, insurance regulation, the industrial organization of insurance markets and other insurance market applications. It ends with health insurance, longevity risk, long-term care insurance, life insurance financial products and social insurance. This second version of the Handbook contains 15 new chapters. Each of the 37 chapters has been written by leading authorities in risk and insurance research, all contributions have been peer reviewed, and each chapter can be read independently of the others.
Author: Henri Loubergé
Publisher: Springer Science & Business Media
ISBN: 9780792390411
Category : Business & Economics
Languages : en
Pages : 294
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Book Description
Orio Giarini The "Geneva Association" (International Association for the Study of Risk and Insurance Economics) was founded in 1973. The main goal was to stimulate and organize objective research in the field of risk, uncertainty, and insurance, in a world in which such issues were clearly becoming of greater and greater relevance for all economic actors. This was a pioneer ing effort, especially as economic theory and the teaching of economics were still anchored to the key notion of general equilibrium under an assumption of certainty. Thus, we had to start our work almost from scratch. One of the first initiatives was to bring together in Geneva, in June of 1973, all the academics in Europe already involved in risk and insurance economics. We found eight from five different countries who never had met before. This seminar chaired by Raymond Barre, the first president of The Geneva Association, was the first of an annual series that became known as the seminar of "The European Group of Risk and Insurance Economists." Since then more than 100 economists from most European countries as well as participants from two other continents and in particular from the United States have taken part in this seminar.
