We study the welfare effects of offering choice over coverage levels—“vertical choice”—in regulated health insurance …. We show that vertical choice is efficient only if consumers with higher willingness to pay for insurance have a higher …

Across a wide set of non-group insurance markets, applicants are rejected based on observable, often high …, disability, and life insurance. Consistent with the predictions of the theory, in all three settings I find significant amounts … be rejected relative to those who can purchase insurance; and I show it is enough private information to explain a …

form of monitored liquidity insurance. Bank monitoring and resulting credit line revocations help control illiquidity … because the cost of monitored liquidity insurance increases with liquidity risk. We exploit a quasi-experiment around the …

does not alter this result. We also show that the informationally constrained optimal insurance contract has a resetting …

Using a model with constant relative risk-aversion preferences, endogenous labor supply and partial insurance against … cost associated with missing insurance markets. On the other hand, greater wage dispersion presents opportunities to raise …

We develop a new framework for valuing health and longevity improvements that departs from conventional but unrealistic … assumptions of full annuitization and deterministic health. Our framework can value the prevention of mortality and of illness … consumers value life-extension more in bleaker health states. Third, retirement annuities boost aggregate demand for life …