insurance. I compare models with deterministic and stochastic hazard rate of death to a model without mortality risk. Mortality … stochastic mortality risk driven by jumps, unspanned labor income as well as short-sale and liquidity constraints and a simple … risk has only minor effects on the optimal controls early in the life cycle but it becomes crucial in later years. A …

fair price for low risk types provides full insurance against reclassification risk. We develop a model that includes … unpredictable (and unobservable) fluctuations in demand for life insurance as well as changes in risk type (observable) over … whose type turns out to be high risk but low demand renew more of their GR insurance than is efficient due to the attractive …

that hardly explains the many features of an insurance contract. We extend this setup to include the situation that the … costlessly observable, then it should be included in the contract to improve the risk sharing-incentive trade-off under moral … show how the law of insurance contracts should allow insurers to incentivize policyholders to exert an adequate level of …