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Journal Article
An introduction to portfolio insurance

Economic Review , Issue Nov , Pages 2-25

Journal Article
Agencies adopt consumer protection rules for insurance sales

Financial Update , Volume 14 , Issue Jan , Pages 5

Working Paper
Incorporating insurance rate estimates and differential mortality into net marginal Social Security tax rate calculations

This paper extends the literature on net marginal tax rates created by the Social Security program by including variations in both the probability of being eligible to receive benefits and income-related life expectancy. The previous literature has found that women incur a lower net marginal tax rate because they have longer life expectancies. The results presented in this paper indicate that including variations in eligibility for benefits partially reverses this result by increasing net marginal Social Security tax rates for older women. In addition, the existing literature has shown that ...
FRB Atlanta Working Paper , Paper 2002-29

Journal Article
Insurance industry reinvestment: the Massachusetts experience

Joseph Kriesberg and Andrea Caliz Luquetta of the Massachusetts Association of Community Development Corporations (MACDC) outline the provisions in a new statewide law, An Act Insuring Community Investment and the Equitable Taxation of Insurance Companies in Massachusetts. In exchange for tax relief, this legislation requires insurance providers operating within the Commonwealth to contribute to two investment pools for economic development. Could this approach serve as a model for similar initiatives in other states?
Communities and Banking , Issue Win , Pages 2-8

Journal Article
Before the next cataclysm

Regional Review , Issue Sum , Pages 6-11

Working Paper
Deposit insurance, capital requirements, and financial stability

This paper assesses the effects of insurance and capital requirements on assets' equilibrium returns in a capital-asset-pricing model in which intermediaries possess better information than the public about the yields on a set of assets. Equilibrium returns depend on two risk premiums that intermediaries incur on their liabilities: an explicit premium that reflects the public's view of the risks inherent in intermediaries' assets and an implicit premium that reflects intermediaries' risk of losing a share of their rent by leveraging their capital. Insurance reduces intermediaries' cost of ...
Working Papers , Paper 00-3

Working Paper
Affective decision making: a theory of optimism bias

Optimism bias is inconsistent with the independence of decision weights and payoffs found in models of choice under risk, such as expected utility theory and prospect theory. Hence, to explain the evidence suggesting that agents are optimistically biased, we propose an alternative model of risky choice, affective decision making, where decision weights?which we label affective or perceived risk?are endogenized. Affective decision making (ADM) is a strategic model of choice under risk where we posit two cognitive processes?the "rational" and the "emotional" process. The two processes ...
Working Papers , Paper 10-16

Journal Article
PMI reform: good intentions gone awry

An argument that the legislation aimed at making private mortgage insurance more fair and affordable for homeowners could actually hurt the very borrowers it is intended to help by restricting the availability of mortgage loans and making them more costly.
Economic Commentary , Issue Mar

Conference Paper
The PBGC: a costly lesson in the economics of federal insurance

Proceedings

Conference Paper
Ambiguity and government risk-bearing for low-probability events

Proceedings

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Chatterjee, Satyajit 3 items

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