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Dynamic inefficiencies in insurance markets evidence from long-term care insurance
| Content Provider | Library of Congress - Books/Printed Material |
|---|---|
| Author | McGarry, Kathleen Finkelstein, Amy. |
| Temporal Coverage | 2005 |
| Copyright Year | 2005 |
| Abstract | "We examine whether unregulated, private insurance markets efficiently provide insurance against reclassification risk (the risk of becoming a bad risk and facing higher premiums). To do so, we examine the ex-post risk type of individuals who drop their long-term care insurance contracts relative to those who are continually insured. Consistent with dynamic inefficiencies, we find that individuals who drop coverage are of lower risk ex-post than individuals who were otherwise-equivalent at the time of purchase but who do not drop out of their contracts. These findings suggest that dynamic market failures in private insurance markets can preclude the efficient provision of insurance against reclassification risk"--National Bureau of Economic Research web site. |
| Language | English |
| Publisher | National Bureau of Economic Research |
| Publisher Place | Cambridge, MA |
| Part of Series | Catalog |
| Requires | HTML5 supported browser |
| Access Restriction | Open |
| Subject Keyword | Long-term Care Insurance |
| Subject Domain (in LCSH) | Long-term care insurance |
| Subject Domain (in LCC) | HB1 |
| Content Type | Text |
| Resource Type | Book |
