New Perspectives on Insurance

• 成果类型: Article
• 署名作者: Koijen, Ralph S. J.; Yogo, Motohiro
• 署名单位: University of Chicago; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Princeton University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhac063
• 发表日期: 2022
• 页码: 5275
• 关键词: markets; equilibrium; cost

摘要

This special issue originates from a dual submission conference with the NBER Insurance Working Group and the Corporate Finance Program in 2020. It brings a broader perspective on important frictions in insurance markets, including trust between insurers and policyholders, conflicts of interest among brokers, suboptimal policyholder behavior, and risk-based capital regulation. Several developments in the economy and the academic literature have provided an impetus for new perspectives, including the growth of savings products with minimum return guarantees, the global financial crisis, and intermediary asset pricing. We conclude with an overview of research questions that are promising for further exploration.