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Overconfidence, Insurance and Paternalism

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Author Info
Francesco Squintani ()
Alvaro Sandroni

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Abstract

It is well known that when agents are fully rational, compulsory public insurance may make all agents better off in the Rothschild and Stiglitz (1976) model of insurance markets. We find that when sufficiently many agents underestimate their personal risks, compulsory insurance makes low-risk agents worse off. Hence, behavioural biases may weaken some of the well-established rationales for government intervention based on asymmetric information.

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File URL: http://www.essex.ac.uk/economics/discussion-papers/papers-text/dp643.pdf
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Paper provided by University of Essex, Department of Economics in its series Economics Discussion Papers with number 643.

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Date of creation: 04 Oct 2007
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Handle: RePEc:esx:essedp:643

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