over the life-cycle. The interactions appear even though the two risks are orthogonal and they amplify the welfare … consequences of introducing social security. On the one hand, the interactions increase the welfare benefits from insurance. On the … other hand, they can in- or decrease the welfare costs from crowding out of capital formation. This ambiguous effect on …

are orthogonal by construction. While the interactions unambiguously increase the welfare benefits from insurance, they … can in- or decrease the welfare costs from crowding out of capital formation. The net effect depends on the relative …

of the Welfare State. However, while these theories may be suited for explaining the development of public insurance or … theories, such as inequality-averse social welfare functions or fairness criteria. It is shown how both approaches can be … incorporation of individuals' altruistic feelings in social welfare functions. …

welfare. Our theoretical predictions are supported by additional experimental evidence …

This paper provides a welfare analysis of solvency regulation for catastrophe insurance. We consider an economy with … numerical application to analyze the welfare benefits of different default rates for a wide range of risk lines, risk … correlations, and ratios of insureds to insurer's shareholders. While allowing a small probability of default yields some welfare …