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The Probationary Period as a Screening Device: The Monopolistic Insurer

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  • Jaap Spreeuw

    (Cass Business School, Faculty of Actuarial Science and Statistics, 106 Bunhill Row, London EC1Y 8TZ, UK)

Abstract

Stiglitz [1977], considering asymmetry of information in a monopolistic insurance market and the monetary deductible as a screening device, shows that an equilibrium is always of a separating type. High risks buy complete insurance whilst low risks buy partial insurance. In this paper, we show that a pooling equilibrium may exist if a probationary period, rather than the partial coverage in monetary terms, is used as a screening device. The Geneva Risk and Insurance Review (2005) 30, 5–14. doi:10.1007/s10836-005-1104-5

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal The Geneva Risk and Insurance Review.

Volume (Year): 30 (2005)
Issue (Month): 1 (June)
Pages: 5-14

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Handle: RePEc:pal:genrir:v:30:y:2005:i:1:p:5-14

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