the seemingly failure of the private insurance market to provide coverage for terrorism losses after the attack on … government provision of terrorism insurance. The paper argues that mostly unfettered insurance and capital markets are capable of …

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 …

This paper investigates the rationale for government intervention in the market for terrorism insurance, focusing on … rational terrorists. Government subsidies for terror insurance can discourage self-protection and limit the inefficiencies …

This paper analyzes the impact of rate regulation on the structure of insurance markets for private passenger … automobile insurance. The paper argues that states' restrictions on automobile insurers' rates of return will distort the … those states which impose the most stringent regulation. The analysis suggests that increased regulatory stringency lowers …

Massachusetts that the demand for auto insurance is highly price elastic. This implies that regulation induced price rollbacks (such …This paper examines various explanations for the increase in the degree of regulation of the auto industry in the last … increase in regulation in two ways: a) As an attempt to lower rates to deal with the problem of the uninsured motorist. b) More …

(namely, from Cyprus and British Virgin Islands) across Russia and compare them with the benchmark group of genuine foreign …

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 …