The Insurance is the Lemon: Failing to Index Contracts

The authors would like to thank Vladimir Asriyan, Francesca Carapella, Eduardo Davila, Peter DeMarzo, Emmanuel Farhi, Valentin Haddad, David Hirschleifer, Christopher Hrdlicka, Roger Myerson, Batchimeg Sambalaibat, Jesse Shapiro, Alp Simsek, Amir Sufi, David Sraer, Sebastian Di Tella, Victoria Vanasco, Jeff Zwiebel, and seminar and conference participants at Stanford University, UC Berkeley Haas, the University of Washington Foster, the Federal Reserve Board, the Finance Theory Group Meeting at the University of Minnesota, Columbia Law School, the Adam Smith Conference, and the 2018 WFA Meetings. We would particularly like to thank John Kuong and Giorgia Piacentino (discussants), Philip Bond (editor), an anonymous associate editor, and two anonymous referees for comments that helped improved the paper. 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.

• January 9, 2019