valuations from consequences of exposure to financial markets. We demonstrate the empirical relevance of this theory for the … an especially informative metric for distinguishing the asset insulator theory from Modigliani-Miller or other standard …

captures the main features of this industry. The data is especially suited for a test of the theory since it includes … the theory. All types of contracts involve front-loading. This generates a partial lock-in of consumers. Contracts that …

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 …