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Non-exclusivity and adverse selection: An application to the annuity market

Author

Listed:
  • Agar Brugiavini

    (Department of Economics, University Of Venice Ca� Foscari)

  • Gwena�l Piaser

    (Department of Economics, University of Venice Ca� Foscari)

Abstract

Using a common agency framework, we characterize possible equilibria when annuities contracts are not exclusive. We discuss theoretical and empirical implications of these equilibria. First, we show that at equilibrium prices are not linear. Then we characterize an equilibrium. We provide conditions for existence and show that this equilibrium is efficient.

Suggested Citation

  • Agar Brugiavini & Gwena�l Piaser, 2006. "Non-exclusivity and adverse selection: An application to the annuity market," Working Papers 2006_39, Department of Economics, University of Venice "Ca' Foscari".
    • Handle: RePEc:ven:wpaper:2006_39
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    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • H5 - Public Economics - - National Government Expenditures and Related Policies
    • J2 - Labor and Demographic Economics - - Demand and Supply of Labor
    • G1 - Financial Economics - - General Financial Markets

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