產業經濟學研討會

【時間】2016年11月18日（周五）12：00－13：30
【地點】明主934會議室
【主講】 吳澤南 助理教授 北京大學經濟學院
【主題】 Multidimensional Private Information, Market Structure and Insurance Markets
【點評】李三希 中國人民大學經濟學院副教授
【摘要】A large empirical literature found that the correlation between insurance purchase and expost realization of risk is often statistically insignificant or negative. This is inconsistent with the predictions from the classic models of insurance a la Akerlof (1970), Pauly (1974) and Rothschild and Stiglitz (1976) where consumers have one-dimensional heterogeneity in their risk types. It is suggested that selection based on multidimensional private information, e.g., risk and risk preference types, may be able to explain the empirical findings. In this paper, we systematically investigate whether selection based on multidimensional private information in risk and risk preferences, can, under different market structures, result in a negative correlation in equilibrium between insurance coverage and ex post realization of risk. We show that if the insurance market is perfectly competitive, selection based on multidimensional private information does not result in negative correlation property in equilibrium, unless there is a sufficiently high loading factor. If the insurance market is monopolistic or imperfectly competitive, however, we show that it is possible to generate negative correlation property in equilibrium when risk and risk preference types are sufficiently negative dependent, a notion we formalize using the concept of copula. We also clarify the connections between some of the important concepts such as adverse/advantageous selection and positive/negative correlation property.
【主講者簡介】吳澤南 北京大學經濟學院助理教授。2015年畢業于美國賓夕法尼亞大學，獲經濟學博士學位。研究領域為產業組織理論，應用微觀理論。


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