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- W2993576306 abstract "The market has been proposed the appropriate generalization of the economic concept of a perfectly competitive market for industries characterized by joint production well appreciable economies of scale or scope. In a contestable market, industry structure and market behavior are derived from underlying cost efficiencies. Entry (actual or potential) insures productive efficiency and welfare maximization. … The assumptions underlying the theory of contestable markets and their applicability to the U.S. life insurance industry are discussed. The hypothesis that the market for life insurance functions as if is then tested. The empirical results are consistent with this hypothesis for a substantial segment of the industry. The policy implications of this finding for insurance premium-regulation are then explored." @default.
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- W2993576306 date "1985-01-01" @default.
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- W2993576306 title "Life Insurance, Price Regulation and the Theory of Contestable Markets" @default.
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