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The efficiency of voluntary risk classification in insurance markets

Recurso electrónico / Electronic resource
Registro MARC
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1001 ‎$0‎MAPA20080189150‎$a‎Crocker, Keith J.
24510‎$a‎The efficiency of voluntary risk classification in insurance markets‎$c‎Keith J. Crocker, Nan Zhu
520  ‎$a‎It has been established that categorical discrimination based on observable characteristics such as gender, age, or ethnicity enhances efficiency. We consider a different form of risk classification when there exists a costless yet imperfectly informative test of risk type, with the test outcome unknown to the agents ex ante. We show that a voluntary risk classification in which agents are given the option to take the test always increases efficiency compared with no risk classification. Moreover, voluntary risk classification also Pareto dominates a regime of compulsory risk classification in which all agents are required to take the test.
650 4‎$0‎MAPA20210011108‎$a‎Riesgo
650 4‎$0‎MAPA20080548575‎$a‎Pérdidas
650 4‎$0‎MAPA20120026414‎$a‎Eficiencia operacional
650 4‎$0‎MAPA20080586294‎$a‎Mercado de seguros
650 4‎$0‎MAPA20080579258‎$a‎Cálculo actuarial
700  ‎$0‎MAPA20110028862‎$a‎Zhu, Nan
7730 ‎$w‎MAP20077000727‎$t‎The Journal of risk and insurance‎$d‎Nueva York : The American Risk and Insurance Association, 1964-‎$x‎0022-4367‎$g‎01/06/2021 Volumen 88 Número 2 - junio 2021 , p. 325-350