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Les clauses de valeur à neuf sont-elles optimales?

  • Boyer, Martin

    (Département de finance, École des Hautes Études Commerciales)

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    I present in this paper the optimal insurance contract in an economy where the policyholder is faced with state adverse selection (also called ex post moral hazard in this context) and where the insurer is unable to commit ex ante to an auditing strategy. Insurance fraud is a typical example of this type of setup since only the policyholder knows the extent of the damage he suffered and the insurer must spend resources to verify the veracity of the policyholder's claim. Using a non-cooperative game approach, I show that replacement-cost new insurance contracts are optimal. These contracts over-indemnify policyholders in case of a loss. They also send a credible signal to the policyholder that his claims will be audited with greater probability. Le but de cet article est d’étudier le contrat d’assurance optimal dans un contexte où un assuré est soumis à de l’anti-sélection (qu’on appelle aussi dans ce contexte aléa moral ex post) et où un assureur est incapable de s’engager pleinement dans une stratégie de vérification. Le problème étudié se rapproche grandement de celui lié à la fraude à l’assurance où seul l’assuré connaît à coût nul l’état de la nature (s’il a subi un sinistre ou non). En modélisant le comportement de l’assureur et de l’assuré comme un jeu non coopératif, nous démontrons que les contrats d’assurance comportant une clause de valeur à neuf sont optimaux. Ces contrats, qui surindemnisent un assuré en cas de sinistre, permettent à l’assureur d’envoyer à l’assuré un signal crédible qu’il vérifiera avec une plus grande probabilité les réclamations de ce dernier.

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    Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

    Volume (Year): 77 (2001)
    Issue (Month): 1 (mars)
    Pages: 53-74

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    Handle: RePEc:ris:actuec:v:77:y:2001:i:1:p:53-74
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    1. Reinganum, Jennifer F. & Wilde, Louis L., 1985. "Income tax compliance in a principal-agent framework," Journal of Public Economics, Elsevier, vol. 26(1), pages 1-18, February.
    2. Bond, Eric W. & Crocker, Keith J., 1997. "Hardball and the soft touch: The economics of optimal insurance contracts with costly state verification and endogenous monitoring costs," Journal of Public Economics, Elsevier, vol. 63(2), pages 239-264, January.
    3. Myerson, Roger B, 1979. "Incentive Compatibility and the Bargaining Problem," Econometrica, Econometric Society, vol. 47(1), pages 61-73, January.
    4. Fahad Khalil, 1997. "Auditing Without Commitment," RAND Journal of Economics, The RAND Corporation, vol. 28(4), pages 629-640, Winter.
    5. Dionne, G. & Gagne, R., 2000. "Replacement Cost Endorsement and Opportunitic Fraud in Automobile Insurance," Ecole des Hautes Etudes Commerciales de Montreal- 00-01, Ecole des Hautes Etudes Commerciales de Montreal-Chaire de gestion des risques..
    6. Spence, Michael & Zeckhauser, Richard, 1971. "Insurance, Information, and Individual Action," American Economic Review, American Economic Association, vol. 61(2), pages 380-87, May.
    7. M. Martin Boyer, 2004. "Overcompensation as a Partial Solution to Commitment and Renegotiation Problems: The Case of "Ex Post" Moral Hazard," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 71(4), pages 559-582.
    8. Mookherjee, Dilip & Png, Ivan, 1989. "Optimal Auditing, Insurance, and Redistribution," The Quarterly Journal of Economics, MIT Press, vol. 104(2), pages 399-415, May.
    9. Robert Townsend, 1979. "Optimal contracts and competitive markets with costly state verification," Staff Report 45, Federal Reserve Bank of Minneapolis.
    10. Picard, Pierre, 1996. "Auditing claims in the insurance market with fraud: The credibility issue," Journal of Public Economics, Elsevier, vol. 63(1), pages 27-56, December.
    11. Mookherjee, Dilip & Png, I P L, 1990. "Enforcement Costs and the Optimal Progressivity of Income Taxes," Journal of Law, Economics and Organization, Oxford University Press, vol. 6(2), pages 410-31, Fall.
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