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