haku: @author Nilssen, T. / yhteensä: 7
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Tekijä: | Nilssen, T. |
Otsikko: | Consumer lock-in with asymmetric information |
Lehti: | International Journal of Industrial Organization
2000 : MAY, VOL. 18:4, p. 641-666 |
Asiasana: | Asymmetric information Insurance Markets Contracts Consumers Models |
Kieli: | eng |
Tiivistelmä: | A two-period version of the Rothschild and Stiglitz (1976) model of competitive screening in an insurance market is presented. Its features include: repeat purchase of insurance among consumers, no commitment among insurers or consumers, asymmetric information among insurers about a consumer's accident history, and state-contingent contracts. An equilibrium may exist in this model with full pooling in period 1 and consumer lock-in in period 2. In such an equilibrium, high-risk consumers are experience-rated and firms earn negative profits in period 1 and positive profits in period 2. |
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