Insurance Equilibria: Literature Survey (original) (raw)

2022, Journal of Insurance and Financial Management

The theory of economic equilibria is an important part of mathematical economics, and the theory of insurance equilibria a significant special case thereof. The origins of the theory of economic equilibria date back to early 1800's, and it has developed strongly during the last seventy years. The insurance equilibria have been studied since 1970's. We give a literature survey covering the most important research on insurance equilibria since 1980's. After an extensive chapter on the background to economic and insurance equilibria we discuss insurance market equilibrium, reinsurance, insurance markets with asymmetric information, adverse selection, monopolistic / competitive insurance markets, deposit insurance, moral hazard, Internet, signalling, reputation, linear equilibria, Nash equilibria, other research and remarks on the Finnish insurance market. We finish with concluding remarks. The purpose of this paper is to help researchers to discover relevant papers in the field of insurance equilibria.

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