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Altruism, Matching, and Nonmarket Insurance

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  • Chami, Ralph
  • Fischer, Jeffrey H

Abstract

Incomplete market insurance gives rise to nonmarket arrangements for coinsurance. The authors find that the effort altruistically linked individuals take to avoid an accident increases with the degree of altruism. If the degree of altruism is sufficiently high, an economy with nonmarket insurance yields higher social welfare than an economy without nonmarket insurance. As altruism increases, the equilibrium level of effort approaches the second-best solution without the need for costly monitoring. Coinsurance is above (below) the socially optimal level if individuals place greater weight (less weight) on their own utility than on that of their partners. Copyright 1996 by Oxford University Press.

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Bibliographic Info

Article provided by Western Economic Association International in its journal Economic Inquiry.

Volume (Year): 34 (1996)
Issue (Month): 4 (October)
Pages: 630-47

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Handle: RePEc:oup:ecinqu:v:34:y:1996:i:4:p:630-47

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Cited by:
  1. Wunder, Christoph & Heineck, Guido, 2012. "Working time preferences, hours mismatch and well-being of couples: Are there spillovers?," BERG Working Paper Series 85, Bamberg University, Bamberg Economic Research Group.
  2. Dan Anderberg, 2003. "Voluntary income sharing and the design of unemployment insurance," Journal of Population Economics, Springer, vol. 16(1), pages 71-90, 02.
  3. Ho, Lok Sang, 1998. "A model of human nature and personal development," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 27(2), pages 271-287.
  4. Jacques Bouhga-Hagbe, 2006. "Altruism and Workers' Remittances," IMF Working Papers 06/130, International Monetary Fund.
  5. Chami, Ralph & Fullenkamp, Connel, 2002. "Trust and efficiency," Journal of Banking & Finance, Elsevier, vol. 26(9), pages 1785-1809, September.

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