| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26251 |
| 来源ID | Working Paper 26251 |
| Characterization, Existence, and Pareto Optimality in Markets with Asymmetric Information and Endogenous and Asymmetric Disclosures: Basic Analytics of Revisiting Rothschild-Stiglitz | |
| Joseph E. Stiglitz; Jungyoll Yun; Andrew Kosenko | |
| 发表日期 | 2019-09-16 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We study the Rothschild-Stiglitz model of insurance markets, introducing endogenous information disclosure about insurance sales and purchases by firms and consumers. We show that a competitive equilibrium exists under unusually mild conditions, and characterize the unique equilibrium outcome. With two types of consumers the outcome is particularly simple, consisting of a pooling contract which maximizes the well-being of the low risk individual (along the zero profit pooling line) plus a supplemental (undisclosed and nonexclusive) contract that brings the high risk individual to full insurance (at his own odds). We show that this outcome is extremely robust and constrained Pareto efficient. Asymmetric equilibrium information flows with endogenous consumer disclosure are critical in supporting the equilibrium. |
| 主题 | Microeconomics ; Market Structure and Distribution ; Economics of Information |
| URL | https://www.nber.org/papers/w26251 |
| 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/583924 |
| 推荐引用方式 GB/T 7714 | Joseph E. Stiglitz,Jungyoll Yun,Andrew Kosenko. Characterization, Existence, and Pareto Optimality in Markets with Asymmetric Information and Endogenous and Asymmetric Disclosures: Basic Analytics of Revisiting Rothschild-Stiglitz. 2019. |
| 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 | ||
| w26251.pdf（927KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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