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Funded and Unfunded Pension Schemes: Risk, Return and Welfare
Miles, David K. - CESifo - 2000
types of pension system. This paper calculates the expected welfare of agents in differenteconomies where in the steady …
Persistent link: https://www.econbiz.de/10005181541
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A Continuous Theory of Income Insurance
Lindbeck, Assar; Persson, Mats - CESifo - 2010
In this paper we treat an individual’s health as a continuous variable, in contrast to the traditional literature on income insurance, where it is regularly treated as a binary variable. This is not a minor technical matter; in fact, a continuous treatment of an individual’s health sheds new...
Persistent link: https://www.econbiz.de/10008572558
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Intergenerational Risk-Sharing through Funded Pensions and Public Debt
Chen, Damiaan H.J.; Beetsma, Roel; Ponds, Eduard; Romp, … - CESifo - 2014
We explore the benefits of intergenerational risk-sharing through both private funded pensions and via the public debt. We use a multi-period overlapping generations model with a PAYG pension pillar, a funded pension pillar and a government. Shocks are smoothed via the public debt and variations...
Persistent link: https://www.econbiz.de/10010877853
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Hurricane Insurance in Florida
Jametti, Mario; Ungern-Sternberg, Thomas von - CESifo - 2009
This paper studies the evolution of hurricane insurance in Florida over the last decades. Hurricanes (and other natural catastrophes) are typically referred to as “uninsurable” risks. The more exposed property owners find it difficult to obtain insurance cover from the private market and/or...
Persistent link: https://www.econbiz.de/10005013949
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Crowding Out of Long-Term Care Insurance: Evidence from European Expectations Data
Costa-i-Font, Joan; Courbage, Christophe - CESifo - 2014
Long-term care (LTC) is the largest insurable risk that old-age individuals face in most western societies. However, the demand for LTC insurance is still ostensibly small in comparison to the financial risk, which is reflected in the formation of expectations of insurance coverage. One...
Persistent link: https://www.econbiz.de/10010812493
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Property Insurance, Portfolio Selection and their Interdependence
Chang, Fwu-Ranq - CESifo - 2008
This paper studies the interdependence between property insurance and portfolio selection. The insurance premium of property loss is shown to play the role of subsistence consumption in the analysis. Then, “security” becomes a necessity good and an increase in any insurance parameter would...
Persistent link: https://www.econbiz.de/10005765954
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Supplementary Private Health Insurance in Selected Countries: Lessons for EU Governments?
Gechert, Sebastian - CESifo - 2009
A famous idea to maintain affordable health expenditures is to cut back statutory health insurance (SHI) to a basic insurance and to introduce supplementary private health insurance (PHI), permitted to cover the remaining benefits and to apply managed care mechanisms. The measure is supposed to...
Persistent link: https://www.econbiz.de/10005010152
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Risk Selection in Natural Disaster Insurance – the Case of France
Jametti, Mario; Ungern-Sternberg, Thomas von - CESifo - 2006
It is widely recognized that “market failure” prevents efficient risk sharing in natural disaster insurance. As a consequence, many countries adopted institutional frameworks presenting public sector participation, often praised as public-private partnerships. We define risk selection as a...
Persistent link: https://www.econbiz.de/10005181344
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Uncertain Bequest Needs and Long-Term Insurance Contracts
Fei, Wenan; Fluet, Claude; Schlesinger, Harris - CESifo - 2008
. We derive two equivalent long-term life insurance contracts that are incentive compatible and achieve a higher welfare … examine the welfare effects of such contracts and we show how third-party financial products, although beneficial to the … individual in the short run, can be welfare decreasing over one’s lifetime. …
Persistent link: https://www.econbiz.de/10005405924
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Heterogeneous Beliefs and the Demand for D&O Insurance by Listed Companies
Egger, Peter; Radulescu, Doina Maria; Rees, Ray - CESifo - 2014
This paper introduces a new rationale for the existence of “Directors’ and Officers’” (D&O) insurance. We use a model with volatile stock markets where shareholders design compensation schemes that incentivize managers to stimulate short-term increases in stock prices that do not...
Persistent link: https://www.econbiz.de/10010739342