beginning of modern economic analysis of insurance activity. This chapter reviews the main theoretical and empirical … contributions in insurance economics since that time. The review begins with the role of utility, risk, and risk aversion in the … insurance literature and summarizes work on the demand for insurance, insurance and resource allocation, moral hazard, and …

We provide an experimental analysis of competitive insurance markets with adverse selection. Our parameterized version … of the lemons' model (Akerlof 1970) in the insurance context predicts total crowding out of low-risks when insurers offer … a single full insurance contract. The therapy proposed by Rothschild and Stiglitz (1976) to solve this major …

retirement. In order to introduce the existence of limited-time pension insurance, we assume that for each period of retirement …

-time pension insurance, we consider a model where for each period of retirement separate contracts can be purchased. Demand for the …

We analyze the effect of ambiguous loss probabilities on competitive insurance markets with asymmetric information. We …

insurance markets can be bad when there is adverse selection. Using the dual theory of choice under risk, we are able to fully … competition is less trivial. In effect monopoly is shown to provide better insurance but at the cost of driving out some agents …