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Assessing the efficiency of an insurance provider : a measurement error approach

Jametti, Mario; Ungern-Sternberg, Thomas von - 2003

The purpose of this paper is to compare the cost efficiency of private and public property insurance providers in … measurement errors and apply the model to a data set on 19 firms in housing insurance markets in Switzerland. We show that the … public insurance providers are about 20 per cent more cost efficient than their private counterparts. …

Persistent link: https://www.econbiz.de/10011507834

Asset pricing and the carbon beta of externalities

Edenhofer, Ottmar; Lessmann, Kai; Tahri, Ibrahim - 2021

Climate policy needs to set incentives for actors who face imperfect, distorted markets and large uncertainties about the costs and benefits of abatement. Investors price uncertain assets according to their expected return and risk (carbon beta). We study carbon pricing and financial incentives...

Persistent link: https://www.econbiz.de/10012607579

Policies and instruments for self-enforcing treaties

Harstad, Bård; Lancia, Francesco; Russo, Alessia - 2020

We characterize the optimal policy and policy instruments for self-enforcing treaties when countries invest in green technology before they pollute. If the discount factor is too small to support the ﬁrst best, then both emissions and investments will be larger than in the ﬁrst best, when...

Persistent link: https://www.econbiz.de/10012257828

Prices versus quantities reassessed

Karp, Larry S.; Traeger, Christian - 2018

"Prices versus quantities" (Weitzman 1974), a hugely influential paper, is widely cited (and taught) in current debates about the best policy to reduce greenhouse gas emissions. The paper's criterion for ranking policies suggests that technological uncertainty favors taxes over cap and trade....

Persistent link: https://www.econbiz.de/10011927948

Compliance technology and self-enforcing agreements

Harstad, Bård; Lancia, Francesco; Russo, Alessia - 2015

We analyze a repeated game in which countries are polluting as well as investing in technologies. While folk theorems point out that the first best can be sustained as a subgame-perfect equilibrium when the players are sufficiently patient, we derive the second best equilibrium when they are...

Persistent link: https://www.econbiz.de/10011350155

Designing instrument packages for the low-carbon transition : an evaluation framework with an application to Austria

Van der Werf, Edwin; Vollebergh, Herman R. J.; Vogel, … - 2021

Limiting global warming to no more than 2°C requires global large-scale deployment of low-carbon and negative emissions technologies. This requires the development of new eco-innovations and the diffusion of new and existing ones. Existing portfolios of environmental and technology policy...

Persistent link: https://www.econbiz.de/10012597829

Auctions vs. negotiations : the effects of inefficient renegotiation

Herweg, Fabian; Schmidt, Klaus M. - 2015

For the procurement of complex goods the early exchange of information is important to avoid costly renegotiation ex post. We show that this is achieved by bilateral negotiations but not by auctions. Negotiations strictly outperforms auctions if sellers are likely to have superior information...

Persistent link: https://www.econbiz.de/10010496962

Prices vs. percentages : use of tradable green certificates as an instrument of greenhouse gas mitigation

Heimvik, Arild; Amundsen, Eirik Schrøder - 2019

The paper analyzes the problem of achieving a target path of emission reductions in the electricity sector, using a scheme of tradable green certificates (TGC). There are two types of generation, renewable and fossil. The latter causes the emissions. The paper also examines effects from emission...

Persistent link: https://www.econbiz.de/10011977097

Redistribution and insurance with simple tax instruments ; presented at CESifo Area Conference on Public Sector Economics, April 2015

Findeisen, Sebastian; Sachs, Dominik - 2015

provide a novel decomposition of labor income tax formulas into a redistribution and an insurance component. The latter is … capital tax is non-zero and trades off redistribution and insurance against savings distortions. Our quantitative results … reveal that the insurance component contributes significantly to optimal labor tax rates and provides an informative lower …

Persistent link: https://www.econbiz.de/10011280819

Analysing the determinants of credit risk for General Insurance firms in the UK

Caporale, Guglielmo Maria; Cerrato, Mario; Zhang, Xuan - 2016

This paper estimates a reduced-form model to assess the credit risk of General Insurance (GI) non-life firms in the UK … insurance firms. The implications of these findings for regulators of GI firms under the coming Solvency II are discussed. …

Persistent link: https://www.econbiz.de/10011497884