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different risk classes, and were unexpectedly given the opportunity to insure their dental care costs. The setup of the … insurance makes it possible to observe a proxy for private information. Interestingly, results differ across risk classes …. Within high-risk classes, there is evidence of adverse selection and within low-risk classes, the results, surprisingly …
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is to relate the dropout decision to new information on risk, acquired by the policy holder and the insurer. The results … utilization. The results show updating on dental risk to be asymmetric, giving agents and insurer partly different information … sets. Higher premiums are viewed as higher prices of insurance rather than fair risk reassessments. Agents do not take the …
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Abel (2002) shows that pessimism and doubt in the subjective distribution of the growth rate of consumption reduce the riskfree rate puzzle and the equity premium puzzle. We quantify the amount of pessimism and doubt in survey data on US consumption and income. Individual forecasters are in fact...
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