for the development of public-private partnerships, as recognized in November 2002 when the Terrorism Risk Insurance Act … of 2002 (TRIA) was passed. This paper shows, however, that the temporary insurance system established by TRIA is neither … current level of demand for insurance coverage has remained low and we discuss some factors that may contribute to it. After …

autarky, but also partial and full insurance can obtain, depending on the relative patience of agents and financial … intermediaries. Insurance can be provided because in an equilibrium contract an up-front payment effectively locks in the agent with …

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 …

Theoretically, wealthier people should buy less insurance, and should self-insure through saving instead, as insurance … wealthier have better life and property insurance coverage. Wealth-related differences in background risk, legal risk, liquidity … constraints, financial literacy, and pricing explain only a small fraction of the positive wealth-insurance correlation. This …

Insurers are the largest institutional investors of corporate bonds. However, a standard theory of insurance markets …

privately observable, idiosyncratic random events. The information structure precludes conventional insurance arrangements …. However, a financial institution -- perhaps best viewed as a savings bank -- can provide partial insurance by generating a …, resulting in a level of expected utility higher than that achievable in simple security markets. Insurance is incomplete because …

This paper derives the value of PBGC pension insurance under two scenarios of interest. The first allows for voluntary …

transactions cost-mobility constraints. Contracts provide full unemployment insurance for risks that are diversifiable by pooling … among firms. Nondiversifiable (macro) risks are only partially shifted,largely through self-insurance (contingency saving …