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The Probationary Period as a Screening Device: The Monopolistic Insurer
Authors:Jaap Spreeuw
Institution:(1) Cass Business School, Faculty of Actuarial Science and Statistics, 106 Bunhill Row, London, EC1Y 8TZ, UK
Abstract:Stiglitz 1977], considering asymmetry of information in a monopolistic insurance market and the monetary deductible as a screening device, shows that an equilibrium is always of a separating type. High risks buy complete insurance whilst low risks buy partial insurance. In this paper, we show that a pooling equilibrium may exist if a probationary period, rather than the partial coverage in monetary terms, is used as a screening device.JEL Classification No.: D42, D82
Keywords:probationary periods  adverse selection  monopoly  separating equilibrium  pooling equilibrium
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