Mimra, Wanda; Wambach, Achim - 2011
We extend the seminal Rothschild and Stiglitz (1976) model on competitive insurance markets with asymmetric information … in the spirit of Wilson (1977)'s 'anticipatory equilibrium' by introducing an additional stage in which initial contracts … consumers obtain their respective Wilson-Miyazaki-Spence (WMS) contract. Jointly profit-making contracts can also be sustained …