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 …

levels, the persistent profitability and the pooling of risk observed in some insurance markets. Furthermore, we find that a …We study a competitive insurance market in which insurers have an imperfect informative advantage over policyholders … lower market concentration may entail an increase in insurance premia. …