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Selection in Insurance Markets: Theory and Empirics in Pictures - PMC
Source: ncbi.nlm.nih.gov
Article summary:
1. The article presents a graphical framework for analyzing both theoretical and empirical work on selection in insurance markets.
2. The article discusses the textbook environment of insurance markets, as well as extensions necessitated by real world features, such as administrative costs and preference heterogeneity.
3. The article also discusses recently developed empirical methods for testing for the existence of selection and examining its welfare consequences, as well as potential public policy interventions.
Article analysis:
The article provides a comprehensive overview of the theory and empirics of selection in insurance markets, using a graphical approach to illustrate key concepts. The article is well-structured and clearly written, making it easy to follow the discussion. It is also supported by relevant examples from existing literature, which helps to illustrate the points made in the text.
However, there are some potential issues with the trustworthiness and reliability of this article. Firstly, it does not provide any evidence or data to support its claims about selection in insurance markets or its implications for welfare and public policy. Secondly, it does not consider any counterarguments or alternative perspectives on these topics; instead it focuses solely on one particular view of selection in insurance markets and its implications for welfare and public policy. Finally, while it does discuss potential public policy interventions such as subsidies or regulations that restrict pricing on certain characteristics, it does not explore any possible risks associated with these interventions or their potential unintended consequences.