Estimation of Insurance Deductible Demand Under Endogenous Premium Rates
Estimation of Insurance Deductible Demand Under Endogenous Premium Rates
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内生保费率下的保险免赔额需求估算
DOI：
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发表时间：
2018
影响因子：
1.9
通讯作者：
Jing Yi
中科院分区：
文献类型：
--
作者：
J. Woodard;Jing Yi
政府补贴的保险无处不在，但对此类市场的需求估计仍然具有挑战性。给定免赔额收取的保费由精算结构确定，因此观察到的选择对是内生的，导致标准计量经济学方法下的估计存在偏差。开发了理论模型和模拟研究，并提出了新的识别策略。使用联邦农作物保险计划（一项每年 1000 亿美元的计划）的实证应用数据显示，在考虑到这种内生性后，需求相当有弹性。对这种内生性的不当对待可能是相关应用中保险需求缺乏弹性的普遍错误发现的部分原因。讨论了政策影响。
Government subsidized insurance is ubiquitous, yet estimation of demand in such markets remains challenging. Premium charged for a given deductible is determined by actuarial construction, thus observed choice-pairs are endogenous leading to biased estimation under standard econometric approaches. A theoretical model and simulation study are developed, and a new identification strategy proposed. An empirical application using Federal Crop Insurance Program--a $100 billion/year program--data reveals that demand is quite elastic after accounting for this endogeneity. Mistreatment of such endogeneity is likely partly responsible for pervasive faulty findings of inelastic insurance demand in related applications. Policy implications are discussed.