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The efficiency of public insurance supervision vs. Pareto efficiency

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  • Robert Kurek

    (Wrocław University of Economics)

Abstract

The objective of the paper is to research whether Pareto optimality can determine the efficiency of activities carried out by public supervision authorities by analyzing literature references and applying the method of verbal description. Having made certain assumptions, Pareto criterion can determine the model reference point in which supervision authorities’ decisions are aimed at improving the situation of consumers without resulting in the simultaneous deterioration of insurance institutions situation. It also ensures proper functioning of the entire market. However, the public aspect of the problem determines the fact that supervision authorities should not search for the model Pareto optimum, but rather focus their activities on obtaining one of many possible optimums responsible for different share of particular entities in the achieved results.

Suggested Citation

  • Robert Kurek, 2014. "The efficiency of public insurance supervision vs. Pareto efficiency," Copernican Journal of Finance & Accounting, Uniwersytet Mikolaja Kopernika, vol. 3(1), pages 109-119.
    • Handle: RePEc:cpn:umkcjf:v:3:y:2014:i:1:p:109-119
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    References listed on IDEAS

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    1. Barr, Nicholas, 2012. "Economics of the Welfare State," OUP Catalogue, Oxford University Press, edition 5, number 9780199297818, Decembrie.
    2. Bruce C. Greenwald & Joseph E. Stiglitz, 1986. "Externalities in Economies with Imperfect Information and Incomplete Markets," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 101(2), pages 229-264.
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