| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11164 |
| 来源ID | Working Paper 11164 |
| Technology, Monopoly, and the Decline of the Viatical Settlements Industry | |
| Neeraj Sood; Abby Alpert; Jay Bhattacharya | |
| 发表日期 | 2005-03-07 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | The viatical settlement industry provides an opportunity for terminally-ill consumers, typically HIV patients, to exploit a previously untapped source of equity in existing life insurance contracts to finance consumption and medical expenses. The 1996 introduction and dissemination of effecive anti-HIV medication reduced AIDS mortality, but also reduced viatical settlement prices, even holding fixed changes in life expectancy. Using Freedom of Information Act requests to state insurance regulatory agencies, we have assembled a unique dataset of over twelve thousand viatical transactions from firms licensed in states that regulate viatical settlement markets. We distinguish two explanations for falling prices---an increase in market power, and a change in market expectations about the likelihood of further improvements in HIV care. We find that both explanations have contributed to diminishing settlement prices over the last decade, but increased market power has been the more important driver in the most recent years. Our estimates imply that the increase in market power of firms reduced the value of life insurance holdings of HIV persons by about $1.0 billion. |
| 主题 | Health, Education, and Welfare ; Health ; Industrial Organization ; Market Structure and Firm Performance ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w11164 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568801 |
| 推荐引用方式 GB/T 7714 | Neeraj Sood,Abby Alpert,Jay Bhattacharya. Technology, Monopoly, and the Decline of the Viatical Settlements Industry. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11164.pdf（259KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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