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 then summarizes work on the demand for insurance, insurance and resource allocation, moral hazard, and …

different insurance policies. Adopting Yaari's (1987) dual theory to expected utility (i.e., risk aversion without diminishing … dual theory is less favourable to a mixed insurance system than the expected utility framework. Lastly, we demonstrate how …This paper analyzes the political support for public insurance in the presence of a private insurance alternative. The …

Bundled insurance contracts, providing protection based on several loss coverages, are attractive because they allow … insurers to focus on the needs of the policyholder. A common contract feature is a deductible set so that the insurance pays …. Without combined deductibles, it is straightforward to value bundled insurance contracts as the sum of contracts from each …