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• W2155732727 abstract "Models of insurance with adverse selection predict that only the best risks| those least likely to suer a loss|are uninsured, a prediction at odds with coverage denials for pre-existing conditions. They also typically assume that insurance provision is costless: the only cost is claims payment. We introduce costly insurance provision into a standard monopoly insurance model with adverse selection. We show that with loading or a xed cost of claims processing, the insurer denies coverage only to those likely to be the worst risks. We also show that loading overturns three classic textbook properties of monopoly pricing models: no one is pooled with the highest consumer type; the highest type gets an ecient contract; and all other types get contracts distorted downwards from their ecient contracts. Indeed all types can be pooled on a single contract. Finally we show that both loading and a xed claims cost do not aect qualitative properties of (Rothschild-Stiglitz) competitive equilibrium (when it exists), so these costs generate potentially testable implications of competitive vs monopoly insurance: for example, no competitive equilibrium can be pooling." @default.
• W2155732727 created "2016-06-24" @default.
• W2155732727 creator A5023615727 @default.
• W2155732727 creator A5078313040 @default.
• W2155732727 date "2013-01-01" @default.
• W2155732727 modified "2023-09-27" @default.
• W2155732727 title "Coverage Denied: Excluding Bad Risks, Inefficiency, and Pooling in Insurance" @default.
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• W2155732727 doi "https://doi.org/10.2139/ssrn.2368949" @default.
• W2155732727 hasPublicationYear "2013" @default.
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