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American Economic Review: Vol. 89 No. 4 (September 1999)
AER Volume. 89, Issue 4 | 
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An Empirical Examination of Information Barriers to Trade in Insurance
Article Citation
Cawley, John, and
Tomas Philipson. 1999. "An Empirical Examination of Information Barriers to Trade in Insurance."
American Economic Review,
89(4): 827-846.
DOI: 10.1257/aer.89.4.827
DOI: 10.1257/aer.89.4.827
Abstract
This paper uses direct evidence to evaluate whether asymmetric information is a barrier to trade in the largest market for private insurance in the world: life insurance. We report several findings that seem difficult to reconcile with the conventional theory of insurance under asymmetric information. We conjecture that sellers may know their costs of production better than consumers in this market, as in those for most other products.
Article Full-Text Access
Full-text Article
Authors
Cawley, John (U Chicago)
Philipson, Tomas (U Chicago)
Philipson, Tomas (U Chicago)
JEL Classifications
G22: Insurance; Insurance Companies
D82: Asymmetric and Private Information
D82: Asymmetric and Private Information
