privately observable, idiosyncratic random events. The information structure precludes conventional insurance arrangements …. However, a financial institution -- perhaps best viewed as a savings bank -- can provide partial insurance by generating a …, resulting in a level of expected utility higher than that achievable in simple security markets. Insurance is incomplete because …

positive relation between self-insurance and state taxes is detected, consistent with consumers opting to self-insure rather … demand is largely inelastic, e.g., automobile liability coverage, taxes do not affect self-insurance …

hedge funds, banks, brokers, and insurance companies based on principal components analysis and Granger-causality tests. We … the finance and insurance industries. These measures can also identify and quantify financial crisis periods, and seem to …, banks, insurance companies, and brokers …

religious organization are able to insure their consumption stream against income shocks and find strong insurance effects for … services are able to insure their stream of happiness against income shocks and find strong happiness insurance effects for … alternative form of insurance for both whites and blacks though the mechanism by which religious organizations provide insurance …

This paper investigates the incentive effects of automobile insurance, compulsory insurance laws, and no … 1970-1998, a period in which many states adopted compulsory insurance regulations and/or no-fault laws. Using an … instrumental variables approach, we find evidence that automobile insurance has moral hazard costs, leading to an increase in …

Home equity insurance policies, policies insuring homeowners against declines in the price of their homes, would bear … some resemblance both to ordinary insurance and to financial hedging vehicles. A menu of choices for the design of such … insurance company in effect serves as a retailer to homeowners of short positions in real estate futures markets or of put …

mechanisms? This paper shows that under perfect insurance, marginal utility should grow at the same rate for all consumers, and … correlated with it under perfect insurance, including illness, being fired from a job, etc …

rate among these children. Because not all of the take-up of public insurance among eligible children is accounted for by … children who transfer from being uninsured to having public insurance, our results suggest that there may be some crowd-out of … private insurance coverage; the upper bound crowd-out rate we calculate is 46 percent …