How Does Life Settlement Affect the Primary Life Insurance Market?
---- Acknowledgements -----
We would like to thank Jacques Crémer, Alessandro Lizzeri, George Mailath, Andrew Postlewaite, Wing Suen and seminar participants at Duke University, Hong Kong University, Peking University, University of Pennsylvania and the 2009 Econometric Society Summer Meeting in Boston for stimulating discussions. Fang would also like to gratefully acknowledge the generous financial support from the National Science Foundation through Grant SES-0844845. All remaining errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.