Wang, Jennifer L.; Tzeng, Larry Y.; Wang, En-Lin - In: Journal of Insurance Issues 26 (2003) 1, pp. 15-28
This paper explores the impact of deregulation of licensing on an oligopoly insurance market. We show that deregulation of licensing in a Stackelberg-type oligopoly market may not have any impact on the leader’s output if the number of firms increases but the market structure remains. On the...