English, Article, Journal or magazine article edition: Repeated insurance relationships in a costly state verification model: with an application to deposit insurance Bruce D. Smith; Cheng Wang

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Bookmark: http://trove.nla.gov.au/version/75288
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Repeated insurance relationships in a costly state verification model: with an application to deposit insurance
Author
  • Bruce D. Smith
  • Cheng Wang
Physical Description
  • preprint
Notes
  • We consider the problem of an insurer who enters into a repeated relationship with a set of risk averse agents in the presence of ex post verification costs. The insurer wishes to minimize the expected cost of providing these agents a certain expected utility level. We characterize the optimal contract between the insurer and the insured agents. We then apply the analysis to the provision of deposit insurance. Our results suggest - in a deposit insurance context - that it may be optimal to utilize the discount window early on, and to make deposit insurance payments only later, or not at all.
  • Insurance
  • RePEc:fip:fedmwp:574
Language
  • English
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