Economic equilibrium in insurance markets

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      <subfield code="a">Economic equilibrium in insurance markets</subfield>
      <subfield code="c">by Larry Yu-Ren Tzeng</subfield>
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      <subfield code="a">Ann Arbor, Michigan</subfield>
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      <subfield code="a">Study of economic equilibrium in insurance markets often assume either that the quantity of insurance purchased is fixed or that the price of insurance is set to be "actuarially fair"--i.e., that insurance premiums must be equal to expected loss payments. These assumptions necessarily lead to either a vertical demand curve or a horizontal supply curve, which are not realistic in many insurance markets. To study insurance market equilibrium, we use an expectated-utility approach to establish non-trial market demand and market supply curves for insurance. A variant of the risk exchange model is used to study how the price and quantity of insurance are determined by loss size, loss probability, the interest rate, and the initial wealth of both the insureds and insurers. After providing an extensive analysis of comparative statics of equilibrium price and quantity, we construct a simple empirical model to demostrate the usefulness of our approach</subfield>
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