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Efficient risk-sharing under adverse selection and subjective risk perception

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  • Arnold Chassagnon
  • Bertrand Villeneuve

Abstract

The present paper thoroughly explores second-best efficient allocations in an adverse selection insurance economy. We start from a natural extension of the classical model, assumer less than perfect risk perceptions. We propose first and second welfare theorems, by means of which we describe efficiency-enhancing policies. Notions of weak and strong adverse selection are promising for interpreting real world insurance arrangements.

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Bibliographic Info

Paper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 2002-19.

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Date of creation: 2002
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Handle: RePEc:del:abcdef:2002-19

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Cited by:
  1. Mouhamadou Fall, 2012. "Fiabilité des tests génétiques et architecture des contrats d'équilibre," Working Papers halshs-00751861, HAL.
  2. Georges Dionne & Nathalie Fombaron & Neil Doherty, 2012. "Adverse Selection in Insurance Contracting," Cahiers de recherche 1231, CIRPEE.
  3. Ciprian Matis & Eugenia Matis, 2013. "Asymmetric Information In Insurance Field: Some General Considerations," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(15), pages 17.

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