Seit einigen Jahren wird in Deutschland über Veränderungen in der Finanzierungund im Leistungskatalog des Krankenversicherungssystems intensiv diskutiert. Dabeiwerden häufig problematische Anreizstrukturen im Hinblick auf das Verhaltender Versicherten genannt. Insbesondere haben Versicherte...

In this paper, we present a model of endogenous vertical integration and horizontal differentiation. Thereexists two output brands and two versions of the input. The only mean for output differentiation is the inputversion used in output production. Firms may choose to vertically integrate to...

In this paper, we propose an example of successive oligopolies where the downstream firmsshare the same decreasing returns technology of the Cobb-Douglas type. We stress thedifferences between the conclusions obtained under this assumption and those resultingfrom the traditional example...

In this paper we analyze how the technology used by downstream firms can influence inputand output market prices. We show via an example that both these prices increase under adecreasing returns technology while the contrary holds when the technology is constant....

It is widely recognized that "market failure" prevents efficient risksharing in natural disaster insurance. As a consequence, many countriesadopted institutional frameworks presenting public sector participation,often praised as public-private partnerships. We define risk selection asa situation...

Universal life policies are the most popular insurance contract design in theUnited States. They have either a level death benefit paying a fixed faceamount, or an increasing death benefit, which additionally pays the availablecash value, and both types include the option to switch from one to...

The financial services industry has undergone significant regulatory change in thepast two decades due to Basel II (banking) and Solvency II (insurance). Even though these promulgations are focused on European institutions, their influenceextends around the globe. An important dimension of this...

Cummins et al. (1994) provide a conceptual framework for policymakers to use in analyzing risk-based capital systems. Based on their framework, this article provides an overview and critical analysis of risk-based capital requirements, with a focus on property/casualty insurance, as implemented...

This paper analyzes price competition in the German motor insurance market since 1994 and looks for evidence to back up a claim frequently found in the trade literature—that there have been two recent price wars in this industry, the first in 1996–1999, the second in 2005–2006. In a first...

This article provides an overview and comparison of risk-based capital (RBC) requirements as they currently exist in the United States, the European Union, Switzerland, and New Zealand. These four systems are representative of different ways capital standards are implemented around the globe....