2024
DOI: 10.1111/jori.12484
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On the efficiency of insurance institutions under interdependent risks

S. Hun Seog

Abstract: We theoretically investigate the equilibria and efficiencies of public and market insurance institutions within a framework where loss probabilities are interdependently influenced by the efforts of individuals and institutions (firms). We highlight the multilateral nature of interdependency, which exists within individuals, within firms, and between them. Our analysis reveals that both public and market institutions fall short of achieving first‐best efficiency, and that the relative efficiencies between the … Show more

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