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It is widely recognized that market failure prevents efficient risk sharing in natural-disaster insurance, leading to several public-private partnership arrangements across the globe. We argue that risk selection by the private partner is potentially an important issue. We illustrate our...
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The aim of this article is to give a simple theoretical foundation to the fairly common observation that the more profits a firm is currently making, the more it will do to ensure its future profitability.
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The purpose of this paper is to compare the cost efficiency of private and public property insurance providers in Switzerland. The most commonly used measure for this kind of exercise is the claims-premium ratio. We argue that this measure may give strongly biased results. We develop a simple...
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This paper provides an explanation why consumers are frequently rationed at certain types of restaurants, bars, cafes, etc. The argument is as follows: The more expensive the restaurant is, the lower will be the consumers' consumption per unit of time spent in the restaurant, Restaurants have a...
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