Insurance, consumer search, and equilibrium price distributions

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      <subfield code="a">Nuray Akin, S.</subfield>
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      <subfield code="a">Insurance, consumer search, and equilibrium price distributions</subfield>
      <subfield code="c">S. Nuray Akin, Brennan C. Platt</subfield>
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      <subfield code="a">We examine a service market with two frictions: search is required to obtain price quotes, and insurance coverage for the service reduces household search effort. While fewer draws from a price distribution will directly raise a household's average price, the indirect effect of reduced search on price competition has a much greater impact, accounting for at least 89 percent of increased average expenditures. In this environment, a monopolist insurer will exacerbate the moral hazard by offering full insurance. A competitive insurance market typically results in partial insurance and significant price dispersion, yet a second-best contract would offer even less insurance coverage.</subfield>
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      <subfield code="w">MAP20077000727</subfield>
      <subfield code="t">The Journal of risk and insurance</subfield>
      <subfield code="d">Nueva York : The American Risk and Insurance Association, 1964-</subfield>
      <subfield code="x">0022-4367</subfield>
      <subfield code="g">02/06/2014 Volumen 81 Número 2 - junio 2014 </subfield>
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      <subfield code="y">MÁS INFORMACIÓN</subfield>
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