that hardly explains the many features of an insurance contract. We extend this setup to include the situation that the … costlessly observable, then it should be included in the contract to improve the risk sharing-incentive trade-off under moral … resulting incompleteness of the contract opens the door to controversies and disputes that may lead to judicial procedures. We …

High correlations between risks can increase required insurer capital and/orreduce the availability of insurance. For … such insurance lines, securitizationis rapidly emerging as an alternative form of risk transfer. The ultimatesuccess of … to facilitateand/or be facilitated by insurance contracts. We consider how insuredlosses might be decomposed into …

entry. -- casymmetric information ; competitive insurance market ; contract withdrawal …We extend the seminal Rothschild and Stiglitz (1976) model on competitive insurance markets with asymmetric information … can be withdrawn after observation of competitors' contract offers. We show that an equilibrium always exists where …

Global financial regulators are currently reflecting on the nature of the insurance business. Specifically, they are … trying to classify insurance into "traditional" and "non-traditional" activities, and to distinguish them from "non-insurance … international finance is "what is insurance and where does insurance end?" This paper aims to elaborate on the economics of …

We consider a competitive insurance market with adverse selection. Unlike the standard models, we assume that … limited liability afforded via bankruptcy laws. Government assistance is calculated ex post of any insurance benefits. This … alters the individuals' demand for insurance coverage. In turn, this affects equilibria in various insurance models of …

retirement. In order to introduce the existence of limited-time pension insurance, we assume that for each period of retirement …

nature. Competitive equilibrium cannot provide such transfers if insurance firms are unable to precommit their customers. On … the other hand, public insurance plans that do not distinguish between "risk-class" realizations are also inefficient. It …