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Efficient Monopolies: The Limits of Competition in the European Property Insurance Market

Thomas von Ungern-Sternberg

Published in print:
2004
Published Online:
April 2004
ISBN:
9780199268818
eISBN:
9780191600890
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0199268819.001.0001
Subject:
Economics and Finance, Public and Welfare

Compares the market for property insurance in five European countries, Britain, Spain, France, Switzerland, and Germany. The comparisons are of particular interest, as the regulatory frameworks vary ... More


Evidence on the workings of annuity markets

Edmund Cannon and Ian Tonks

in Annuity Markets

Published in print:
2008
Published Online:
January 2009
ISBN:
9780199216994
eISBN:
9780191711978
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199216994.003.0009
Subject:
Business and Management, Pensions and Pension Management

This chapter reports the evidence of how annuities function. It discusses the evidence on selection effects and the factors that determine whether people purchase annuities.


Parliamentary Democracy and Delegatio n

Kaare Strøm

in Delegation and Accountability in Parliamentary Democracies

Published in print:
2003
Published Online:
January 2005
ISBN:
9780198297840
eISBN:
9780191602016
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019829784X.003.0003
Subject:
Political Science, Comparative Politics

Identifies three motivations for political delegation (capacity, competence, collective action problems) and discusses agency problems and mechanisms of accountability. An ideal-typical form of ... More


Longevity Risk and Annuities in Singapore

Joelle H. Y. Fong, Olivia S. Mitchell, and Benedict S. K. Koh

in Reorienting Retirement Risk Management

Published in print:
2010
Published Online:
September 2010
ISBN:
9780199592609
eISBN:
9780191594618
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199592609.003.0009
Subject:
Business and Management, Pensions and Pension Management

This chapter explores the current annuity market in Singapore in view of the plan to mandate annuitization under the Singaporean Central Provident Fund (CPF). The authors evaluate the pricing of ... More


Risk-based pricing

Lyn C. Thomas

in Consumer Credit Models: Pricing, Profit and Portfolios

Published in print:
2009
Published Online:
May 2009
ISBN:
9780199232130
eISBN:
9780191715914
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199232130.003.0003
Subject:
Mathematics, Applied Mathematics, Mathematical Finance

This chapter builds models to determine the ‘price’ (interest rate) a lender should charge on a loan to maximize the expected profit, taking into account both the default risk of the borrower and the ... More


Reasons for the annuity puzzle

Edmund Cannon and Ian Tonks

in Annuity Markets

Published in print:
2008
Published Online:
January 2009
ISBN:
9780199216994
eISBN:
9780191711978
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199216994.003.0008
Subject:
Business and Management, Pensions and Pension Management

This chapter discusses a variety of reasons why it may be rational to avoid full annuitization. It discusses the interaction of annuities with state pensions, deferring annuitization, expenditure ... More


 Applications

George J. Mailath and Larry Samuelson

in Repeated Games and Reputations: Long-Run Relationships

Published in print:
2006
Published Online:
January 2007
ISBN:
9780195300796
eISBN:
9780199783700
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195300796.003.0011
Subject:
Economics and Finance, Behavioural Economics

This chapter illustrates how the theory of repeated games with imperfect public monitoring can be used in economic applications. It examines collusion in oligopoly with imperfectly monitored demand, ... More


Delegation and its Peril s

Arthur Lupia

in Delegation and Accountability in Parliamentary Democracies

Published in print:
2003
Published Online:
January 2005
ISBN:
9780198297840
eISBN:
9780191602016
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019829784X.003.0002
Subject:
Political Science, Comparative Politics

Presents a formal theoretical framework that clarifies when principals can, and cannot, use delegation to accomplish desired ends. It shows the conditions (having to do with preferences and ... More


 Reputations with Short-Lived Players

George J. Mailath and Larry Samuelson

in Repeated Games and Reputations: Long-Run Relationships

Published in print:
2006
Published Online:
January 2007
ISBN:
9780195300796
eISBN:
9780199783700
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195300796.003.0015
Subject:
Economics and Finance, Behavioural Economics

This chapter introduces the adverse-selection approach to reputations. The chapter considers a long-lived player facing a sequence of short-lived players. If there is some (perhaps very small) chance ... More


The Economic Theory of Agrarian Institutions

Pranab Bardhan (ed.)

Published in print:
1991
Published Online:
November 2003
ISBN:
9780198287629
eISBN:
9780191595912
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0198287623.001.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

In this book, the authors theorize about the rationale and consequences of some economic institutions and contractual arrangements that are particularly predominant in poor agrarian economies. The ... More


Parliamentary Democracy: Promise and Problems

Kaare Strøm, Wolfgang C. Müller, and Torbjörn Bergman

in Delegation and Accountability in Parliamentary Democracies

Published in print:
2003
Published Online:
January 2005
ISBN:
9780198297840
eISBN:
9780191602016
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019829784X.003.0001
Subject:
Political Science, Comparative Politics

Parliamentary government is the most common way to organize delegation and accountability in contemporary democracies. Parliamentary government is a system of government in which the prime minister ... More


France

Thomas Von Ungern-Sternberg

in Efficient Monopolies: The Limits of Competition in the European Property Insurance Market

Published in print:
2004
Published Online:
April 2004
ISBN:
9780199268818
eISBN:
9780191600890
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199268819.003.0004
Subject:
Economics and Finance, Public and Welfare

Studies catastrophe insurance in France. The French system is fundamentally flawed. The state has fixed a compulsory nationwide uniform premium rate, and offers to reinsure all insurance companies at ... More


Fragmented Credit Markets

Pranab Bardhan and Christopher Udry

in Development Microeconomics

Published in print:
1999
Published Online:
November 2003
ISBN:
9780198773719
eISBN:
9780191595929
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198773714.003.0007
Subject:
Economics and Finance, Development, Growth, and Environmental

One aspect of financial markets that is of great relevance to economic development is the study of credit mechanism design by lenders facing private information. This chapter first develops a model ... More


Laying the Theoretical Foundations for the Study of Development Aid

Clark C. Gibson

in The Samaritan's Dilemma: The Political Economy of Development Aid

Published in print:
2005
Published Online:
October 2005
ISBN:
9780199278855
eISBN:
9780191602863
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199278857.003.0002
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter focuses on the problem of collective action as it relates to development at the operational level. It first explores how individuals’ motivation may hamper their incentive to work ... More


Why Does It Matter? Allocating Risk and Reward Between Employer and Employee

Edward A. Zelinsky

in The Origins of the Ownership Society: How the Defined Contribution Paradigm Changed America

Published in print:
2008
Published Online:
January 2009
ISBN:
9780195339352
eISBN:
9780199855407
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195339352.003.0002
Subject:
Law, Employment Law

It is useful to divide retirement-related risks into three broad categories: investment risk, funding risk, and longevity risk. Investment risk is the risk that retirement resources will earn an ... More


Litigation and the Evolution of Legal Remedies *

Francesco Parisi and Vincy Fon

in The Economics of Lawmaking

Published in print:
2009
Published Online:
January 2009
ISBN:
9780195374155
eISBN:
9780199871834
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195374155.003.0006
Subject:
Law, Constitutional and Administrative Law

This chapter considers an often-overlooked ingredient of the creation of legal precedents and revisits the role of litigation in the evolution of judge-made law. It addresses one important ... More


 Taking Charge

Ken Binmore

in Playing for Real: Game Theory

Published in print:
2007
Published Online:
May 2007
ISBN:
9780195300574
eISBN:
9780199783748
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195300574.003.0020
Subject:
Economics and Finance, Microeconomics

This chapter introduces mechanism design, which is the subject wherein games are designed so that rational play results in socially desirable outcomes. The judgment of Solomon from the Bible is used ... More


Uncertainty and health insurance

Jan Abel Olsen

in Principles in Health Economics and Policy

Published in print:
2009
Published Online:
May 2010
ISBN:
9780199237814
eISBN:
9780191717215
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199237814.003.0007
Subject:
Public Health and Epidemiology, Public Health, Epidemiology

This chapter shows that there is a welfare gain from health insurance because people are risk averse with respect to the financial implications of the prospect of ill health. There are effectively ... More


Problems With Medical Insurance

Nicholas Barr

in The Welfare State as Piggy Bank: Information, Risk, Uncertainty, and the Role of the State

Published in print:
2001
Published Online:
November 2003
ISBN:
9780199246595
eISBN:
9780191595936
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199246599.003.0004
Subject:
Economics and Finance, Public and Welfare

This chapter explores the wide‐ranging and well‐known problems of medical insurance, including uncertainty about future probabilities, adverse selection, and moral hazard, which lead to uninsurable ... More


Adverse Selection and Moral Hazard: Implications for Health Insurance Markets

Mark V. Pauly

in Incentives and Choice in Health Care

Published in print:
2008
Published Online:
August 2013
ISBN:
9780262195775
eISBN:
9780262283816
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262195775.003.0005
Subject:
Economics and Finance, Econometrics

This chapter explores two key issues in the health insurance market: adverse selection and moral hazard. It first describes ideal insurance to serve as a benchmark for comparing insurance in the ... More


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