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Estimation of insurance deductible demand under endogenous premium rates

Recurso electrónico / Electronic resource
Registro MARC
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008  200508e20200601usa|||p |0|||b|eng d
040  ‎$a‎MAP‎$b‎spa‎$d‎MAP
084  ‎$a‎6
1001 ‎$0‎MAPA20140011971‎$a‎Woodard, Joshua D.
24510‎$a‎Estimation of insurance deductible demand under endogenous premium rates‎$c‎Joshua D. Woodard, Jing Yi
520  ‎$a‎Government-subsidized insurance is ubiquitous, yet estimation of demand in such markets remains challenging. The premium charged for a given deductible is determined by actuarial construction; thus, observed choice pairs are endogenous leading to biased estimation under standard econometric approaches. A theoretical model and simulation study are developed, and a new identification strategy proposed. An empirical application using Federal Crop Insurance Program-a $100 billion/year program-data reveals that demand is quite elastic after accounting for this endogeneity. Mistreatment of such endogeneity is likely partly responsible for pervasive faulty findings of inelastic insurance demand in related applications. Policy implications are also discussed.
650 4‎$0‎MAPA20080584580‎$a‎Demanda de seguros
650 4‎$0‎MAPA20080586294‎$a‎Mercado de seguros
650 4‎$0‎MAPA20080579258‎$a‎Cálculo actuarial
650 4‎$0‎MAPA20080602642‎$a‎Modelos de simulación
650 4‎$0‎MAPA20080602659‎$a‎Modelos econométricos
7001 ‎$0‎MAPA20200010968‎$a‎Yi, Jing
7730 ‎$w‎MAP20077000727‎$t‎The Journal of risk and insurance‎$d‎Nueva York : The American Risk and Insurance Association, 1964-‎$x‎0022-4367‎$g‎01/06/2020 Volumen 87 Número 2 - junio 2020 , p. 477-500