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Insurance contracts with imprecise probabilities and adverse selection

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Author Info
Meglena Jeleva ()
Bertrand Villeneuve ()

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Abstract

This article deals with optimal insurance contracts in the framework of imprecise probabilities and adverse selection. Agents differ not only in the objective risk they face but also in the perception of risk. In monopoly, a range of configurations that VNM preferences preclude appears: a pooling contract may be optimal, incomplete coverage may be offered to high risks, low risks may be better covered. Copyright Springer-Verlag Berlin/Heidelberg 2004

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File URL: http://hdl.handle.net/10.1007/s00199-003-0396-x
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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 23 (2004)
Issue (Month): 4 (May)
Pages: 777-794
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Handle: RePEc:spr:joecth:v:23:y:2004:i:4:p:777-794

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Related research
Keywords: Imprecise probabilities; Insurance markets; Adverse selection.;

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  1. Giuseppe, DE FEO & Jean, HINDRIKS, 2005. "Efficiency of Competition in Insurance Markets with Adverse Selection," Discussion Papers (ECON - Département des Sciences Economiques) 2005042, Université catholique de Louvain, Département des Sciences Economiques. [Downloadable!]
    Other versions:
  2. Rajeev K. Goel, 2006. "Insurance intermediaries and contractual relations," Applied Financial Economics Letters, Taylor and Francis Journals, vol. 2(4), pages 211-215, July. [Downloadable!] (restricted)
  3. Arnold Chassagnon & Bertrand Villeneuve, 2002. "Efficient risk-sharing under adverse selection and subjective risk perception," DELTA Working Papers 2002-19, DELTA (Ecole normale supérieure). [Downloadable!]
  4. Amy Finkelstein & Kathleen McGarry, 2006. "Multiple Dimensions of Private Information: Evidence from the Long-Term Care Insurance Market," American Economic Review, American Economic Association, vol. 96(4), pages 938-958, September. [Downloadable!]
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