Contributions to Insurance Economics by Christian Gollier (auth.), Georges Dionne (eds.)

By Christian Gollier (auth.), Georges Dionne (eds.)

For a couple of years, i've been instructing and doing study within the economics of uncertainty, info, and coverage. even though it is now attainable to discover textbooks and books of essays on uncertainty and in­ formation in economics and finance for graduate scholars and researchers, there's no an identical fabric that covers complicated learn in assurance. the aim of this ebook is to fill this hole in literature. It presents unique surveys and essays within the box of coverage economics. The contributions supply simple reference, new fabric, and educating supple­ ments to graduate scholars and researchers in economics, finance, and assurance. It represents a supplement to the e-book of readings entitled Foundations of assurance Economics - Readings in Economics and Finance, lately released through the S.S. Huebner beginning of assurance schooling. In that booklet, the editors (G. Dionne and S. Harrington) disseminate key papers within the literature and submit an unique survey of significant contributions within the field.

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A large majority of premiums in most commercial liability lines is written by stock companies, but mutuals account for over a third of private passenger auto liability premiums. 29 Mayers and Smith (1981, 1988) argue that the tradeoff between the ability of mutual organization to eliminate potential incentive conflicts between owners and policyholders and the possibly greater cost of controlling manager-policyholder conflicts with mutuals than with stock companies is likely to make mutual organization advantageous in markets where managerial discretion is limited.

1 The focus is on issues that distinguish liability from first-party insurance, except to the extent that much of the work on supply deals with the overall property-liability insurance market. Particular attention is given to the relationships between liability law, liability insurance, and risk reduction. 1. 1. 1. The Role of Liability Rules in Controlling Risk. Since the pioneering work by Coase (1960), Calabresi (1970), and Posner (1972, 1973), the burgeoning field of law and economics has applied standard tools of positive and normative economics to analyze the structure of common law, including the law of tort liability.

The impact of transaction costs on individual insurance choices is analyzed in the next section. Some forms of insurance, however, are close to the mutuality principle. Participating policies, as they prevail in life insurance, are representatives of this class of insurance: the premium is subject to a retroactive adjustment, which is a known function of the aggregate loss experience. Such a clause is sometimes encountered in workers' compensation insurance. As observed by Doherty and Dionne (1989), the Risk Retention Act (1986) is an example of the evolution of insurance towards mutualization.

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