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Tekijä:Finkelstein, A.
Poterba, J.
Rothschild, C.
Otsikko:Redistribution by insurance market regulation: Analyzing a ban on gender-based retirement annuities
Lehti:Journal of Financial Economics
2009 : JAN, VOL. 91:1, p. 38-58
Asiasana:insurance
markets
regulations
gender
discrimination
pricing
models
United Kingdom
Kieli:eng
Tiivistelmä: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.
SCIMA tietueen numero: 271432
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