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Equilibrium in the Insurance Industry: Price and Probability of Insolvency

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  • Strauss, Jason

Abstract

The goal of this essay is to show an insurance market equilibrium defined by an insurance product price and a probability of insolvency for the insurer(s).

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File URL: http://mpra.ub.uni-muenchen.de/11015/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 11015.

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Date of creation: 04 May 2007
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Handle: RePEc:pra:mprapa:11015

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Related research

Keywords: insurance; insurance markets; insolvency; bankruptcy;

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References

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  1. Ania, Ana B. & Troger, Thomas & Wambach, Achim, 2002. "An evolutionary analysis of insurance markets with adverse selection," Games and Economic Behavior, Elsevier, vol. 40(2), pages 153-184, August.
  2. Doherty, Neil A & Garven, James R, 1995. "Insurance Cycles: Interest Rates and the Capacity Constraint Model," The Journal of Business, University of Chicago Press, vol. 68(3), pages 383-404, July.
  3. Cummins, J. David & Lamm-Tennant, Joan, 1994. "Capital structure and the cost of equity capital in the property-liability insurance industry," Insurance: Mathematics and Economics, Elsevier, vol. 15(2-3), pages 187-201, December.
  4. Cagle, Julie A B & Harrington, Scott E, 1995. "Insurance Supply with Capacity Constraints and Endogenous Insolvency Risk," Journal of Risk and Uncertainty, Springer, vol. 11(3), pages 219-32, December.
  5. Doherty, Neil A & Schlesinger, Harris, 1990. "Rational Insurance Purchasing: Consideration of Contract Nonperformance," The Quarterly Journal of Economics, MIT Press, vol. 105(1), pages 243-53, February.
  6. Rothschild, Michael & Stiglitz, Joseph E, 1976. "Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information," The Quarterly Journal of Economics, MIT Press, vol. 90(4), pages 630-49, November.
  7. Cummins, J David & Mahul, Olivier, 2003. " Optimal Insurance with Divergent Beliefs about Insurer Total Default Risk," Journal of Risk and Uncertainty, Springer, vol. 27(2), pages 121-38, October.
  8. Higgins, Matthew L & Thistle, Paul D, 2000. "Capacity Constraints and the Dynamics of Underwriting Profits," Economic Inquiry, Western Economic Association International, vol. 38(3), pages 442-57, July.
  9. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, vol. 84(3), pages 488-500, August.
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