We analyze the incentives of a controlling shareholder of a firm to acquire, directly or indirectly through his firm, shares in a competitor. We charaterize the conditions under which these partial acquisitions as well as the equilibrium toehold and its nature: controlling or silent. We find...

Insurance fraud is a major source of inefficiency in insurance markets. A self-justification of fraudulent behavior is that insurers are bad payers who start nitpicking if an opportunity arises, even in circum- stances where the good-faith of policyholders is not in dispute. We relate this...

We survey recent developments in the economic analysis of insurance fraud. The paper first sets out the two main approaches to insurance fraud that have been developped in the literature, namely the costly state verification and the costly state falsification. Under costly state verification,...

We show that an equilibrium always exists in the Rothschild-Stiglitz insurance market model with adverse selection when insurers can offer either non- participating or participating policies, i.e. insurance contracts which may involve policy dividends or supplementary calls for premium. The...

Cet article établit une liaison entre la théorie de l'audit optimal et la méthodologie du scoring dans un contexte d'asymétrie d'information. L'application retenue concerne la fraude à l'assurance, mais la même approche peut être appliquée à d'autres activités qui utilisent le scoring....

Cet article analyse l'équilibre d'un marché d'assurances où les individus qui souscrivent une police d'assurance ont une obligation de bonne foi lorsqu'ils révèlent une information privée sur leur risque. Les assureurs peuvent, à un certain coût, vérifier le type des assurés qui...

Cet article analyse le rôle de l'assurance privée dans la prévention et la réduction des dommages des catastrophes naturelles. Nous caractérisons le dilemme équité-efficacité auquel sont confrontés les décideurs politiques dans un contexte d'information imparfaite sur les coûts...

A captive is an insurance or reinsurance company established by a parent group to finance its own risks. Captives mix internal risk pooling between the business units of the parent group and risk transfer toward the reinsurance market. We analyze captives from an optimal insurance contract...