NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.
Insurance Project Workshop
Kenneth Froot and Howard Kunreuther, Organizers
February 6 and 7, 2004
National Bureau of Economic Research
1050 Massachusetts Avenue
Cambridge, Massachusetts
PROGRAM
8:30 AM Continental Breakfast
8:45 AM Introductions
9:00 AM AMY FINKELSTEIN, Harvard University and NBER
KATHLEEN MCGARRY, UC, Los Angeles and NBER
Private Information and its Effect on Market Equilibrium:
New Evidence from Long-Term Care Insurance
Discussant: DAVID CUTLER, Harvard University and NBER
10:00 AM Break
10:15 AM MARTIN GRACE, ROBERT KLEIN and RICHARD PHILLIPS,
Georgia State University
Insurance Company Failures: Why Do They Cost So Much?
Discussant: DWIGHT JAFFE, UC, Berkeley
11:15 AM STEPHAN DIECKMANN, Carnegie Mellon University
An Equilibrium Model with Heterogeneous Beliefs about Rare Events
Discussant: GEOFFREY HEAL, Columbia University and NBER
12:15 PM Lunch
1:15 PM MICHAEL BRAUN and ALEXANDER MUERMANN, University of Pennsylvania
The Impact of Regret on the Demand for Insurance
Discussant: RICHARD ZECKHAUSER, Harvard University and NBER
2:15 PM THOMAS RUSSELL, Santa Clara University
Deductible Aversion and the Design of High Cost Insurance Contracts
Discussant: HOWARD KUNREUTHER, University of Pennsylvania and NBER
3:15 PM Break
3:30 PM JEFFREY BROWN, University of Illinois at Urbana-Champaign and NBER
DAVID CUMMINS, University of Pennsylvania
CHRISTOPHER LEWIS, Fitch Risk Management
RAN WEI, University of Pennsylvania
An Empirical Analysis of the Economic Impact of Federal Terrorism Reinsurance
Discussant: JOAN LAMM-TENNANT, General Reinsurance Corporation
4:30 PM GEORGE ZANJANI, Federal Reserve Bank of New York,
The Rise and Fall of the Fraternal Life Insurer:
Law and Finance in U.S. Life Insurance,1870-1920
Discussant: DAVID MOSS, Harvard University
5:30 PM Adjourn
6:30 PM Group Dinner
Legal Seafood
Charles Square Courtyard, Charles Hotel
Cambridge, MA
617/576-0605
SATURDAY, FEBRUARY 7:
8:00 AM Continental Breakfast
8:30 AM JEFFREY BROWN, University of Illinois at Urbana-Champaign and NBER
AMY FINKELSTEIN, Harvard University and NBER
The Interaction of Public and Private Insurance: Medicaid and the Long-Term Care Insurance Market
Discussant: MARK PAULY, University of Pennsylvania and NBER
9:30 AM RICHARD DERRIG, Automotive Insurers Bureau of Massachusetts
HERBERT WEISBERG, Correlation Research Inc.
Determinants of Total Compensation for Auto Bodily Injury Liability Under
No-Fault: Investigation, Negotiation and the Suspicion of Fraud
Discussant: SCOTT HARRINGTON, University of South Carolina
10:30 AM Break
10:45 AM KENNETH FROOT, Harvard University and NBER
Risk Management, Capital Budgeting and Capital Structure Policy for Insurers and
Reinsurers and empirical evidence from 9/11 Discussant: ANNE GRON, Northwestern University 11:45 AM GORDON WOO, Risk Management Solutions A Catastrophe Bond Niche: Multiple Event Risk Discussant: NEIL DOHERTY, University of Pennsylvania 12:45 PM Lunch and Adjourn 1/15/04