| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1663 |
| DP1663 Evaluating Portfolio Performance with Stochastic Discount Factors | |
| Paul Söderlind; Magnus Dahlquist | |
| 发表日期 | 1997-06-27 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | This paper considers a housing insurance market in which buildings have different damage probabilities. Insurers use imperfect tests to find out about buildings? damage types. The insurance market is a natural monopoly. If more than one insurer is active, high risk house owners continue to apply to insurers until they are eventually assigned to a low-risk class. First we show that the natural insurance monopoly need not be sustainable. Then we show that in the equilibrium industry structure the incumbent may accommodate entry even when the natural monopoly is sustainable. The theoretical findings are thus able to explain recent observations from Germany and Switzerland where housing insurance damage rates and prices went up drastically after the transition from state monopolies to competitive environments. |
| 主题 | Industrial Organization |
| 关键词 | Imperfect tests Inefficient entry Insurance Natural monopoly Sustainability |
| URL | https://cepr.org/publications/dp1663 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530801 |
| 推荐引用方式 GB/T 7714 | Paul Söderlind,Magnus Dahlquist. DP1663 Evaluating Portfolio Performance with Stochastic Discount Factors. 1997. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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