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Monopoly, Non-linear Pricing, and Imperfect Information : A Reconsideration of the Insurance Market

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  • Szalay, Dezsö

    (Economics Department, University of Warwick.)

Abstract

I reconsider Stiglitz's (1977) problem of monopolistic insurance with a continuum of types. Using a suitable transformation of control variables I obtain an analytical characterization of the optimal insurance policies. Closed form solutions and comparative statics results for special cases are provided.

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File URL: http://www2.warwick.ac.uk/fac/soc/economics/research/workingpapers/2008/twerp_863.pdf
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Bibliographic Info

Paper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 863.

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Length: 22 pages
Date of creation: 2008
Date of revision:
Handle: RePEc:wrk:warwec:863

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Keywords: nonlinear pricing ; screening ; risk aversion;

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  1. Maskin, Eric S & Riley, John G, 1984. "Optimal Auctions with Risk Averse Buyers," Econometrica, Econometric Society, Econometric Society, vol. 52(6), pages 1473-1518, November.
  2. Grossman, Sanford J & Hart, Oliver D, 1983. "An Analysis of the Principal-Agent Problem," Econometrica, Econometric Society, Econometric Society, vol. 51(1), pages 7-45, January.
  3. Stiglitz, Joseph E, 1977. "Monopoly, Non-linear Pricing and Imperfect Information: The Insurance Market," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 44(3), pages 407-30, October.
  4. Mussa, Michael & Rosen, Sherwin, 1978. "Monopoly and product quality," Journal of Economic Theory, Elsevier, Elsevier, vol. 18(2), pages 301-317, August.
  5. An, Mark Yuying, 1995. "Logconcavity versus Logconvexity: A Complete Characterization," Working Papers, Duke University, Department of Economics 95-03, Duke University, Department of Economics.
  6. Steven A. Matthews, 1981. "Selling to Risk Averse Buyers with Unobservable Tastes," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 480S, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  7. Mirrlees, James A, 1971. "An Exploration in the Theory of Optimum Income Taxation," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 38(114), pages 175-208, April.
  8. Laffont, Jean-Jacques & Rochet, Jean-Charles, 1998. "Regulation of a Risk Averse Firm," Games and Economic Behavior, Elsevier, Elsevier, vol. 25(2), pages 149-173, November.
  9. Eric Maskin & John Riley, 1984. "Monopoly with Incomplete Information," RAND Journal of Economics, The RAND Corporation, vol. 15(2), pages 171-196, Summer.
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Cited by:
  1. Hector Chade & Edward Schlee, 2008. "Optimal Insurance with Adverse Selection," Levine's Working Paper Archive 122247000000002175, David K. Levine.

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