Under certain conditions the optimal insurance policy will offer full coverage above a deductible, as Arrow and others … have shown long time ago. Interestingly, the same design of insurance policies applies in case of a single loss and ex …-ante moral hazard. However, many insurance policies provide coverage against a variety of losses and the possibilities for the …

The Knappschaft underlies Bismarck's sickness and accident insurance legislation (1883 and 1884), which in turn forms … the basis of the German social-insurance system today and, indirectly, many social-insurance systems around the world. The … problem central to any insurance system, and one that plagued the Knappschaften as they grew larger in the later nineteenth …

This paper studies moral hazard in a sickness-insurance fund that provided the model for socialinsurance schemes around … benefits at low costs. The Knappschaft underlies Bismarck's sickness and accident insurance legislation (1883 and 1884), which … in turn forms the basis of the German social-insurance system today and, indirectly, many social-insurance systems around …

We characterize how public insurance schemes are constrained by hidden financial transactions. When non …-exclusive private insurance entails increasing unit transaction costs, public transfers are only partly offset by hidden private … of insurance on unobservable effort and saving choices as well as the relative cost of public and private insurance …

contracts to crowd out implicit insurance, even though the latter yields higher welfare.Integrating the principal-agent and …

This paper empirically analyzes moral hazard in car insurance using a dynamic theory of an insuree's dynamic risk (ex …

that hardly explains the many features of an insurance contract. We extend this setup to include the situation that the … show how the law of insurance contracts should allow insurers to incentivize policyholders to exert an adequate level of …

other, but not to a larger degree than dictated by the social norm. We compare such informal family insurance with … actuarially fair formal insurance. We show that coerced family altruism reduces individual efforts in equilibrium. However … show that if family members are sufficiently altruistic to each other, then informal family insurance by way of coerced …