Replication data for: Multiple Dimensions of Private Information: Evidence from the Long-Term Care Insurance Market
Principal Investigator(s): View help for Principal Investigator(s) Amy Finkelstein; Kathleen McGarry
Version: View help for Version V1
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Project Citation:
Finkelstein, Amy, and McGarry, Kathleen. Replication data for: Multiple Dimensions of Private Information: Evidence from the Long-Term Care Insurance Market. Nashville, TN: American Economic Association [publisher], 2006. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-07. https://doi.org/10.3886/E116237V1
Project Description
Summary:
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We demonstrate the existence of multiple dimensions of private information in the
long-term care insurance market. Two types of people purchase insurance: individuals
with private information that they are high risk and individuals with private
information that they have strong taste for insurance. Ex post, the former are higher
risk than insurance companies expect, while the latter are lower risk. In aggregate,
those with more insurance are not higher risk. Our results demonstrate that
insurance markets may suffer from asymmetric information even absent a positive
correlation between insurance coverage and risk occurrence. The results also
suggest a general test for asymmetric information. (JEL D82, G22, I11)
Scope of Project
JEL Classification:
View help for JEL Classification
D82 Asymmetric and Private Information; Mechanism Design
G22 Insurance; Insurance Companies; Actuarial Studies
I11 Analysis of Health Care Markets
D82 Asymmetric and Private Information; Mechanism Design
G22 Insurance; Insurance Companies; Actuarial Studies
I11 Analysis of Health Care Markets
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