paper the central role played by limited domestic development in ex-ante (insurance) and ex-post (spot) financial markets in … generating this collective undervaluation of external resources and insurance. Within this structure, this paper studies several …

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 …

We formalize the notion that GATT exceptions such as antidumping and escape clause actions can act as insurance for … sectors and assume incomplete markets so that agents cannot contract insurance. We show that these measures are superior to … uniform tariffs as insurance mechanisms. Moreover, we demonstrate that the optimal uniform policy may not involve a tariff at …

Why is the cost of resolving insurance company failures so high? Evidence in this paper suggests that the state … insurance regulatory bodies in charge of the liquidation process turn over an average of only 33 cents for each $1.00 of pre …

State guaranty funds are quasi-governmental agencies that provide insurance to policyholders against the risk of … insurance company failure. But insurance provided by guaranty funds, like all insurance, creates moral hazard problems … insurance companies to borrow money (i.e., from policyholders). Moreover, the existence of guaranty fund insurance enables …

these changes should have affected the equilibrium prices of property-casualty insurance policies, and explores the extent … insurance policy and industry data on premiums earned. Although the predicted impact of the changes in the tax rules enacted in … longest-tail line of insurance, in 1987), it is small relative to the variability of the actual loss experience …

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 …

One unusual feature of the U.S. property-casualty insurance industry is the coexistence of stock and mutual companies … insurance companies respond to differences in their underwriting environment. Agency theories suggest that the stock company may …' performance, by state and by line, in eight different lines of insurance. Stock companies are more likely than mutuals to reduce …

Massachusetts that the demand for auto insurance is highly price elastic. This implies that regulation induced price rollbacks (such … lack of fairness arises because, although auto insurance costs rose sharply in the 1980s, most buyers of auto insurance … positively correlated with the level of insurance premium. This result is consistent both with the view that voting behavior is …