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Mortality Risk, Insurance, and the Value of Life
Bauer, Daniel - 2018
illness can significantly increase the value of statistical life, helping to reconcile theory with empirical findings that …
Persistent link: https://www.econbiz.de/10012911078
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Regression Discontinuity Designs with an Endogenous Forcing Variable and an Application to Contracting in Health Care
Bajari, Patrick - 2011
Regression discontinuity designs (RDDs) are a popular method to estimate treatment effects. However, RDDs may fail to yield consistent estimates if the forcing variable can be manipulated by the agent. In this paper, we examine one interesting set of economic models with such a feature....
Persistent link: https://www.econbiz.de/10013117577
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Rebate Rules in Threshold Public Good Provision
Spencer, Michael A. - 2010
This paper considers how six alternative rebate rules affect voluntary contributions in a threshold public-good experiment. The rules differ by (1) whether an individual can receive a proportional rebate of excess contributions, a winner-takes-all of any excess contributions, or a full rebate of...
Persistent link: https://www.econbiz.de/10012758027
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Rational Illiquidity and Consumption : Theory and Evidence from Income Tax Withholding and Refunds
Gelman, Michael - 2019
linkage in the context of income tax withholding and refunds. A theory of rational cash management with income uncertainty … refunds as if they valued liquidity, yet do not act to increase liquidity by reducing their income tax withholding. The theory …
Persistent link: https://www.econbiz.de/10012872296
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The Cost of Financial Frictions for Life Insurers
Koijen, Ralph S. J. - 2012
During the financial crisis, life insurers sold long-term policies at deep discounts relative to actuarial value. The average markup was as low as –19 percent for annuities and –57 percent for life insurance. This extraordinary pricing behavior was due to financial and product market...
Persistent link: https://www.econbiz.de/10013101813
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Information Spillovers, Margins, Scale and Scope : With an Application to Canadian Life Insurance
Bernstein, Jeffery I - 2007
This paper develops a model of the production of life insurance services. The focus is on price setting ability and the cost advantages from size and diversity. The model characterizes insurers decisions on the face value and number of policies and the number of insurance lines. The model is...
Persistent link: https://www.econbiz.de/10012778769
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International Adverse Selection in Life Insurance and Annuities
McCarthy, David - 2003
This paper evaluates the extent of adverse selection in life insurance and annuities in international markets, for both group and individual products. We also compare results with prior analyses of adverse selection in international annuity markets, focusing on the US, the UK, and Japan. Our...
Persistent link: https://www.econbiz.de/10012786402
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Life Cycle Annuity Valuation
Bernheim, B. Douglas - 2010
In this paper, we argue that actuarial valuation of annuity benefit streams is theoretically inconsistent with the assumption of pure lifecycle motives. Instead, we show that the simple discounted value of future benefits (ignoring the possibility of death) is often a good approximation to the...
Persistent link: https://www.econbiz.de/10012762969
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An Empirical Examination of Information Barriers to Trade in Insurance
Cawley, John - 2010
This paper tests restrictions implied by the canonical theory of insurance under asymmetric information using ideal … life insurance. We report several findings which are hard to reconcile with the canonical theory. First, we find a striking …-linear pricing than predicted by theory: the theory predicts that prices rise with quantity, but we find that they fall. Third, we …
Persistent link: https://www.econbiz.de/10012763899
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Accounting and Actuarial Smoothing of Retirement Payouts in Participating Life Annuities
Maurer, Raimond - 2014
-guaranteed surplus. Our goal is to illustrate how accounting and actuarial techniques for this type of financial contract shape …
Persistent link: https://www.econbiz.de/10013053850