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| Author: | Finkelstein, A. Poterba, J. Rothschild, C. |
| Title: | Redistribution by insurance market regulation: Analyzing a ban on gender-based retirement annuities |
| Journal: | Journal of Financial Economics
2009 : JAN, VOL. 91:1, p. 38-58 |
| Index terms: | insurance markets regulations gender discrimination pricing models United Kingdom |
| Language: | eng |
| Abstract: | This study illustrates how equilibrium screening models can be used to evaluate the economic consequences of insurance market regulation. A model of the United Kingdom's (U.K.) compulsory annuity market is calibrated and solved. The impact of gender-based pricing restrictions is explored. It is found that the endogenous adjustment of annuity contract menus in response to the restrictions can undo up to half of the redistribution from men to women that would occur with exogenous Social Security-like annuity contracts. The findings indicate the importance of endogenous contract responses. The feasibility of employing theoretical insurance market equilibrium models for quantitative policy analysis are illustrated. |
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