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- W105163136 abstract "Under the conditions conjectured by Rothschild and Stiglitz (1976) as leading to extreme market failure, we show the existence of a unique incentive-efficient equilibrium. In terms of its sensitivity to the structure of the buyer population, this equilibrium may be flexible or rigid. Closed-form illustrations of equilibria and the solution methodology, which is based on the characterization of Nash equilibrium in terms of selective efficiency (Faynzilberg, 2003), are also provided." @default.
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- W105163136 date "2006-01-01" @default.
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- W105163136 title "Competitive Insurance Markets II: The Structure of Equilibrium and Comparative Statics" @default.
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- W105163136 doi "https://doi.org/10.2139/ssrn.903643" @default.
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