Testing for asymmetric information in insurance markets : a multivariate ordered regression approach

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<title>Testing for asymmetric information in insurance markets</title>
<subTitle>: a multivariate ordered regression approach</subTitle>
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<namePart>Forcina, Antonio</namePart>
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<namePart>Donni, Paolo Li</namePart>
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<abstract displayLabel="Summary">The positive correlation (PC) test is the standard procedure used in the empirical literature to detect the existence of asymmetric information in insurance markets. This article describes a new tool to implement an extension of the PC test based on a new family of regression models, the multivariate ordered logit, designed to study how the joint distribution of two or more ordered response variables depends on exogenous covariates. We present an application of our proposed extension of the PC test to the Medigap health insurance market in the United States. Results reveal that the riskcoverage association is not homogeneous across coverage and risk categories, and depends on individual socioeconomic and risk preference characteristics</abstract>
<note type="statement of responsibility">Valentino Dardanoni, Antonio Forcina, Paolo Li Donni</note>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080586294">
<topic>Mercado de seguros</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080606695">
<topic>Información asimétrica</topic>
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<topic>Seguro de salud</topic>
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<topic>Reclamaciones</topic>
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<topic>Coberturas</topic>
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<topic>Empresas de seguros</topic>
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<topic>Aplicaciones informáticas</topic>
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<topic>Tests</topic>
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<geographic>Estados Unidos</geographic>
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<title>The Journal of risk and insurance</title>
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<publisher>Nueva York : The American Risk and Insurance Association, 1964-</publisher>
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<identifier type="issn">0022-4367</identifier>
<identifier type="local">MAP20077000727</identifier>
<part>
<text>01/03/2018 Volumen 85 Número 1 - marzo 2018 , p. 107-125</text>
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