TY  - UNPD
A1  - Sonnenholzner, Michael
A1  - Wambach, Achim
T1  - On the role of patience in an insurance market with asymmetric information
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2007,04
N2  - We analyse a 2-period competitive insurance market which is characterized by the simultaneous presence of standard moral hazard and adverse selection with regard to consumer time preferences. It is shown that there exists an equilibrium in which patient consumers use high effort and buy a profit-making insurance contract with high coverage, whereas impatient consumers use low effort and buy a contract with low coverage or even remain uninsured. This finding may help to explain why positive profits and the opposite of adverse selection with regard to risk types can sometimes be observed empirically. JEL Classification: D82, G22
T3  - CFS working paper series - 2007, 04 
KW  - Insurance
KW  - Patience
KW  - Adverse Selection
KW  - Moral Hazard
KW  - Versicherungsmarkt
KW  - Gleichgewicht
KW  - Verbraucher
KW  - Geduld
Y1  - 2006
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/1620
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-38130
IS  - This Version July 12, 2006
ER  -