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Insurance Contracts as Commodities: A Note

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  • Andreas Hornstein
  • Edward C. Prescott

Abstract

This paper extends recent developments in general equilibrium theory and applies them to the problem of measuring the real output of an economy's insurance sector. These developments permit a priced commodity to be a complex incentive-compatible contract. These contracts are not bundles of more basic commodities. These contracts are elementary in the same sense that event-contingent goods deliveries are elementary in the Arrow- Debreu framework.

Suggested Citation

  • Andreas Hornstein & Edward C. Prescott, 1991. "Insurance Contracts as Commodities: A Note," Review of Economic Studies, Oxford University Press, vol. 58(5), pages 917-928.
  • Handle: RePEc:oup:restud:v:58:y:1991:i:5:p:917-928.
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    File URL: http://hdl.handle.net/10.2307/2297944
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    Cited by:

    1. Giovanni Millo, 2016. "The Income Elasticity of Nonlife Insurance: A Reassessment," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 83(2), pages 335-362, June.
    2. Giovanni Millo, 2016. "The S-curve and Reality," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 41(4), pages 608-625, October.
    3. Jean Gadrey, 1994. "À propos de l'analyse économique des services d'assurance. Le concept de produit et la question de son évaluation," Revue Économique, Programme National Persée, vol. 45(2), pages 193-214.
    4. Zvi Griliches, 1992. "Introduction to "Output Measurement in the Service Sectors"," NBER Chapters,in: Output Measurement in the Service Sectors, pages 1-22 National Bureau of Economic Research, Inc.
    5. John H. Boyd & Stanley L. Graham, 1996. "Consolidation in U.S. banking: implications for efficiency and risk," Working Papers 572, Federal Reserve Bank of Minneapolis.
    6. Edward C. Prescott, 1997. "On defining real consumption," Review, Federal Reserve Bank of St. Louis, issue May, pages 47-53.

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