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 …

Theoretically, wealthier people should buy less insurance, and should self-insure through saving instead, as insurance … wealthier have better life and property insurance coverage. Wealth-related differences in background risk, legal risk, liquidity … constraints, financial literacy, and pricing explain only a small fraction of the positive wealth-insurance correlation. This …

Insurers are the largest institutional investors of corporate bonds. However, a standard theory of insurance markets …

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 …