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Download or read book Insurance in a Market for Credence Goods written by and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kai Sülzle
Publisher :
ISBN 13 :
Total Pages : 22 pages
Book Rating : 4.:/5 (216 download)
Download or read book Insurance in a Market for Credence Goods written by Kai Sülzle and published by . This book was released on 2002 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Loukas Balafoutas
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Diagnostic Uncertainty and Insurance Coverage in Credence Goods Markets written by Loukas Balafoutas and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credence goods markets - like for health care or repair services - with their informational asymmetries between sellers and customers are prone to fraudulent behavior of sellers and resulting market inefficiencies. We present the first model that considers both diagnostic uncertainty of sellers and the effects of insurance coverage of consumers in a unified framework. We test the model's predictions in a laboratory experiment. Both in theory and in the experiment diagnostic uncertainty decreases the rate of efficient service provision and leads to less trade. In theory, insurance also decreases the rate of efficient service provision, but at the same time it also increases the volume of trade, leading to an ambiguous net effect on welfare. In the experiment, the net effect of insurance coverage on efficiency turns out to be positive. We also uncover an important interaction effect: if consumers are insured, experts invest less in diagnostic precision. We discuss policy implications of our results.
Author : Loukas Balafoutas
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book Serving Consumers in an Uncertain World written by Loukas Balafoutas and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credence goods markets are prone to fraudulent behavior and market inefficiencies due to informational asymmetries between sellers and customers. We examine experimentally the effects of diagnostic uncertainty and insurance coverage on the information acquisition and provision decisions by sellers and the trading decisions by consumers. Our results reveal that diagnostic uncertainty is a major source of inefficiency by decreasing efficient service provision. Insurance coverage has a positive net effect on market efficiency, despite making information acquisition and efficient service provision less likely. We also examine the role of -s and of sellers' prosociality in shaping service provision and information acquisition.
Author : Jennifer Brown
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (129 download)
Download or read book Misconduct in Credence Good Markets written by Jennifer Brown and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine misconduct in credence good markets with price taking experts. We propose a market-level model in which price-taking experts extract surplus based on the value of their firm's brand and their own skill. We test the predictions of the model using sales complaint data for exclusive and independent insurance agents. We find that exclusive insurance agents working for large branded firms are more likely to be the subject of a justified sales complaint, relative to independent experts, despite doing substantially less business. In addition, more experienced experts attract more complaints per year.
Author : Daniel Clarke
Publisher :
ISBN 13 :
Total Pages : 5 pages
Book Rating : 4.:/5 (13 download)
Download or read book Learning from Lemons written by Daniel Clarke and published by . This book was released on 2015 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper considers the potential role of government in aiding the scale-up of high quality index insurance products in developing countries. In particular, we analyse optimal public policy in light of the fact that index insurance policies are typically credence goods - that is, the basis risk of a given policy cannot be distinguished by consumers before purchase and only to a limited extent after purchase. We discuss two potential market failures that stem from this property that governments may seek to correct: low takeup and low investment in reducing basis risk. In each case, we consider the costs and benefits of various alternative government policies. We show that policies aimed to improve take-up may improve or worsen incentives for investment, and that the precise nature of these effects will depend on the government's ability to commit, the marginal cost of funds, and their potential to identify the inputs necessary for constructing a high quality index.
Author : Ray Rees
Publisher : Now Publishers Inc
ISBN 13 : 1601981082
Total Pages : 178 pages
Book Rating : 4.6/5 (19 download)
Download or read book The Microeconomics of Insurance written by Ray Rees and published by Now Publishers Inc. This book was released on 2008 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this relatively short survey, we present the core elements of the microeconomic analysis of insurance markets at a level suitable for senior undergraduate and graduate economics students. The aim of this analysis is to understand how insurance markets work, what their fundamental economic functions are, and how efficiently they may be expected to carry these out.
Author : Martina Eckardt
Publisher : Springer Science & Business Media
ISBN 13 : 3790819409
Total Pages : 249 pages
Book Rating : 4.7/5 (98 download)
Download or read book Insurance Intermediation written by Martina Eckardt and published by Springer Science & Business Media. This book was released on 2007-07-24 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: Insurance intermediaries can help consumers to economize on information and transaction costs in insurance markets. This book analyzes conduct and performance in the market for insurance information services by applying search theoretical and industrial organization approaches. Based on a sample of 927 insurance intermediaries, coverage empirically studies the factors that affect the quality of the information services provided by them.
Author : Amy Finkelstein
Publisher : Columbia University Press
ISBN 13 : 0231538685
Total Pages : 161 pages
Book Rating : 4.2/5 (315 download)
Download or read book Moral Hazard in Health Insurance written by Amy Finkelstein and published by Columbia University Press. This book was released on 2014-12-02 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addressing the challenge of covering heath care expenses—while minimizing economic risks. Moral hazard—the tendency to change behavior when the cost of that behavior will be borne by others—is a particularly tricky question when considering health care. Kenneth J. Arrow’s seminal 1963 paper on this topic (included in this volume) was one of the first to explore the implication of moral hazard for health care, and Amy Finkelstein—recognized as one of the world’s foremost experts on the topic—here examines this issue in the context of contemporary American health care policy. Drawing on research from both the original RAND Health Insurance Experiment and her own research, including a 2008 Health Insurance Experiment in Oregon, Finkelstein presents compelling evidence that health insurance does indeed affect medical spending and encourages policy solutions that acknowledge and account for this. The volume also features commentaries and insights from other renowned economists, including an introduction by Joseph P. Newhouse that provides context for the discussion, a commentary from Jonathan Gruber that considers provider-side moral hazard, and reflections from Joseph E. Stiglitz and Kenneth J. Arrow. “Reads like a fireside chat among a group of distinguished, articulate health economists.” —Choice
Author : Eyal Zamir
Publisher : Oxford Handbooks
ISBN 13 : 0199945470
Total Pages : 841 pages
Book Rating : 4.1/5 (999 download)
Download or read book The Oxford Handbook of Behavioral Economics and the Law written by Eyal Zamir and published by Oxford Handbooks. This book was released on 2014 with total page 841 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'The Oxford Handbook of Behavioral Economics and Law' brings together leading scholars of law, psychology, and economics to provide an up-to-date and comprehensive analysis of this field of research, including its strengths and limitations as well as a forecast of its future development. Its twenty-nine chapters are organized into four parts.
Author : Tom Baker
Publisher : Aspen Publishing
ISBN 13 : 1543831028
Total Pages : 1038 pages
Book Rating : 4.5/5 (438 download)
Download or read book Insurance Law and Policy written by Tom Baker and published by Aspen Publishing. This book was released on 2021-01-31 with total page 1038 pages. Available in PDF, EPUB and Kindle. Book excerpt: A contemporary, easy-to-teach text by the Reporters for the new Restatement of the Law Liability Insurance, this casebook invites students and teachers to re-imagine the field of Insurance Law. The authors demonstrate the big-picture role of insurance law and policy in American business and society, exploring federal-state regulatory roles in depth as well as the traditional topics covered in casebooks. Insurance Law and Policy: Cases and Materials uses more statutory material than any other casebook, with statutes typically presented through problems. Manageable assignments contain one major case followed by informative notes, questions and a problem. This text appeals to Insurance teachers as well as teachers of Torts and Contracts considering a new course. The Teacher’s Manual—with case briefs, backgrounds on selected cases, simple diagrams that explain complex issues, and answers to questions and problems—is especially useful for instructors new to the course. New to the Fifth Edition: Expanded coverage of the role of insurance in disasters and catastrophes, including the COVID-19 pandemic Extensive treatment of the now-finalized Restatement of the Law, Liability Insurance Reorganization of the liability insurance chapters to facilitate more step-by-step learning Replacement of a few difficult-to-teach cases with new, more straightforward cases Professors and student will benefit from: Focus on the big picture of federal-state regulatory roles in addition to the traditional insurance coverage topics addressed in other Insurance Law casebooks Extensive use of statutory materials, with statutes typically presented through carefully-constructed problems Manageable assignments structured with one major case, informative notes, questions, and a problem Interesting, up-to-date cases, with context-setting introductions, on topics such as cyber insurance, the role of private insurance in responding to public catastrophes, and the new Restatement of the Law Liability Insurance Cases are longer, providing students better grounding in the art of extracting useful knowledge from judicial opinions Elimination of some of the arcane aspects of insurance law in favor of presenting a broad and conceptual overview of the field
Author : Mark V. Pauly
Publisher : Elsevier
ISBN 13 : 0444535926
Total Pages : 1149 pages
Book Rating : 4.4/5 (445 download)
Download or read book Handbook of Health Economics written by Mark V. Pauly and published by Elsevier. This book was released on 2012-01-05 with total page 1149 pages. Available in PDF, EPUB and Kindle. Book excerpt: "As a relatively new subdiscipline of economics, health economics has made many contributions to areas of the main discipline, such as insurance economics. This volume provides a survey of the burgeoning literature on the subject of health economics." {source : site de l'éditeur].
Author : Daniel Schwarcz
Publisher : Edward Elgar Publishing
ISBN 13 : 1782547142
Total Pages : 549 pages
Book Rating : 4.7/5 (825 download)
Download or read book Research Handbook on the Economics of Insurance Law written by Daniel Schwarcz and published by Edward Elgar Publishing. This book was released on 2015-08-28 with total page 549 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fields of insurance law and insurance economics have long and distinguished scholarly histories, but participants in the two disciplines have not always communicated well across academic silos. This Handbook encourages more policy-relevant insurance e
Author : Burton G. Malkiel
Publisher : W. W. Norton & Company
ISBN 13 : 0393330338
Total Pages : 454 pages
Book Rating : 4.3/5 (933 download)
Download or read book A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Ninth Edition) written by Burton G. Malkiel and published by W. W. Norton & Company. This book was released on 2007-12-17 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt: Updated with a new chapter that draws on behavioral finance, the field that studies the psychology of investment decisions, the bestselling guide to investing evaluates the full range of financial opportunities.
Author : United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Oversight and Investigations
Publisher :
ISBN 13 :
Total Pages : 1054 pages
Book Rating : 4.F/5 ( download)
Download or read book Life Insurance Marketing and Cost Disclosure written by United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Oversight and Investigations and published by . This book was released on 1978 with total page 1054 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Magnus Henrekson
Publisher : Springer Nature
ISBN 13 : 3030934292
Total Pages : 222 pages
Book Rating : 4.0/5 (39 download)
Download or read book Dumbing Down written by Magnus Henrekson and published by Springer Nature. This book was released on 2022-02-20 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book examines the challenges and issues caused by a move to a marketized education system in Sweden. Observing the introduction of the school voucher system and a postmodern social constructivist view of knowledge, the move away from objective knowledge is identified as the core reason for Sweden’s current education crisis. The impact of declining education standards on the labor market is also discussed. This book highlights the issues seen in Sweden and suggests policies that can improve education in the rest of the Western world as well. It will be relevant to students and researchers interested in education and labor economics.
Author : Jishnu Das
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4./5 ( download)
Download or read book Money for Nothing written by Jishnu Das and published by World Bank Publications. This book was released on 2005 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: The quality of medical care received by patients varies for two reasons: differences in doctors' competence or differences in doctors' incentives. Using medical vignettes, the authors evaluated competence for a sample of doctors in Delhi. One month later, they observed the same doctors in their practice. The authors find three patterns in the data. First, what doctors do is less than what they know they should do-doctors operate well inside their knowledge frontier. Second, competence and effort are complementary so that doctors who know more also do more. Third, the gap between what doctors do and what they know responds to incentives: doctors in the fee-for-service private sector are closer in practice to their knowledge frontier than those in the fixed-salary public sector. Under-qualified private sector doctors, even though they know less, provide better care on average than their better-qualified counterparts in the public sector. These results indicate that to improve medical services, at least for poor people, there should be greater emphasis on changing the incentives of public providers rather than increasing provider competence through training.
