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La Crema : a case study of mutual fire insurance
Cabrales, Antonio 1964- (Universitat Pompeu Fabra)
Calvó Armengol, Antoni (Universitat Autònoma de Barcelona)
Jackson, Matthew O. (California Institute of Technology)

Fecha: 2003
Resumen: We analyze a mutual fire insurance mechanism used in Andorra, which is called La Crema in the local language. This mechanism relies on households' announced property values to determine how much a household is reimbursed in the case of a fire and how payments are apportioned among other households. The only Pareto-efficient allocation reachable through the mechanism requires that all households.
Resumen: honestly report the true value of their property. However, such honest reporting is not an equilibrium except in the extreme case in which the property values are identical for all households. Nevertheless, as the size of the society becomes large, the benefits from deviating from truthful reporting vanish, and all the nondegenerate equilibria of the mechanism are nearly truthful and approximately Pareto efficient.
Nota: Número d'acord de subvenció MEC/BEC2000-1029
Nota: Número d'acord de subvenció MEC/SEC2001-0973
Nota: Número d'acord de subvenció AGAUR/1999/SGR-00157
Nota: Número d'acord de subvenció NSF/SES-9986190
Derechos: Tots els drets reservats
Lengua: Anglès
Documento: article ; recerca ; Versió publicada
Materia: Nash equilibrium ; Risk aversion ; Utility funcions ; Fire Insurance ; Pareto efficiency ; Fire damage ; Reimbursement ; Property value ; Allocative efficiency ; Barns
Publicado en: Journal of Political Economy, Vol. 111 Núm. 2 (2003) , p. 425-458, ISSN 0022-3808

DOI: 10.1086/367680

34 p, 226.8 KB

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