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Optimal Insurance Under Random Auditing

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  • Marie-Cécile Fagart

    (Crest)

  • Pierre Picard

    (Crest)

Abstract

We provide a characterization of an optimal insurance contract (coverage schedule and audit policy) when the monitoring procedure is random. When the policyholder exhibits constant absolute risk aversion, the optimal contract involves a positive indemnity payment with a deductible when the magnitude of damages exceeds a threshold.

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Bibliographic Info

Paper provided by Centre de Recherche en Economie et Statistique in its series Working Papers with number 98-47.

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Date of creation: 1998
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Handle: RePEc:crs:wpaper:98-47

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Cited by:
  1. Richard Watt, 2003. "Curtailing Ex-Post Fraud in Risk Sharing Arrangements," European Journal of Law and Economics, Springer, vol. 16(2), pages 247-263, September.
  2. P. Picard, 1998. "Insurance fraud : theory," THEMA Working Papers 98-26, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
  3. Kai Sülzle & Achim Wambach, 2002. "Insurance in a Market for Credence Goods," CESifo Working Paper Series 677, CESifo Group Munich.
  4. Bénédicte Coestier & Nathalie Fombaron, 2003. "L'audit en assurance," THEMA Working Papers 2003-41, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
  5. Joerg Schiller, 2003. "The Impact of Insurance Fraud Detection Systems," Microeconomics 0309003, EconWPA, revised 02 Oct 2003.
  6. Alary, David & Besfamille, Martin, 2002. "Do insurance defrauders want to be punished ?," Economics Papers from University Paris Dauphine 123456789/6456, Paris Dauphine University.
  7. Daniel J. Clarke, 2011. "Reinsuring the Poor: Group Microinsurance Design and Costly State Verification," Economics Series Working Papers 573, University of Oxford, Department of Economics.
  8. Hau, Arthur, 2008. "Optimal insurance under costly falsification and costly, inexact verification," Journal of Economic Dynamics and Control, Elsevier, vol. 32(5), pages 1680-1700, May.
  9. Nell, Martin & Schiller, Jörg, 2002. "Erklärungsansätze für vertragswidriges Verhalten von Versicherungsnehmern aus Sicht der ökonomischen Theorie," Working Papers on Risk and Insurance 7, University of Hamburg, Institute for Risk and Insurance.

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