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Misinformation and Equilibrium in Insurance Markets

In: Economic Analysis of Regulated Markets

Author

Listed:
  • Paul R. Kleindorfer
  • Howard Kunreuther

Abstract

This chapter is concerned with the role of misinformation by firms and consumers with respect to the selling and buying of insurance. Our interest is in the relationship between the accuracy of consumer beliefs and the relative performance of the market system and social programmes. Such an investigation requires us to determine under what conditions a stable market equilibrium exists and, if it does, what type of insurance policies are offered to consumers. We can then contrast these market outcomes with premium regulation or some form of required insurance coverage.

Suggested Citation

  • Paul R. Kleindorfer & Howard Kunreuther, 1983. "Misinformation and Equilibrium in Insurance Markets," Palgrave Macmillan Books, in: Jörg Finsinger (ed.), Economic Analysis of Regulated Markets, chapter 4, pages 67-90, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-17099-9_4
    DOI: 10.1007/978-1-349-17099-9_4
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    Cited by:

    1. Roland Eisen, 1986. "Wettbewerb und Regulierung in der Versicherung. Die Rolle asymmetrischer Information," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 122(III), pages 339-358, September.

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