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Research Handbook on the Economics of Insurance Law

Edited by Daniel Schwarcz, Professor, University of Minnesota Law School and Peter Siegelman, Professor, University of Connecticut Law School, US
Insurance law and insurance economics each have long and distinguished scholarly histories, but participants in the two disciplines have not always communicated well across academic silos. The Handbook encourages more policy-relevant insurance economics scholarship and more economically sophisticated legal scholarship by bringing together original contributions from leading scholars in insurance law and insurance economics on a range of issues involving insurance law and regulation.
Extent: 552 pp
Hardback Price: $290.00 Web: $261.00
Publication Date: 2015
ISBN: 978 1 78254 713 6
Availability: In Stock
Paperback Price: $69.95 Web: $55.96
Publication Date: 2017
ISBN: 978 1 78254 715 0
Availability: In Stock
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  • Law - Academic
  • Commercial Law
  • Insurance Law
  • Law and Economics
The fields of insurance law and insurance economics have long and distinguished scholarly histories, but participants in the two disciplines have not always communicated well across academic silos. This Handbook encourages more policy-relevant insurance economics scholarship and more economically sophisticated legal scholarship by bringing together original contributions from leading scholars in both fields.

The benefits of this inter-disciplinary approach are introduced and illustrated in four comprehensive sections:

• Why and how do individuals purchase insurance?;
• The role of the state in insurance markets;
• The regulation of insurance;
• Insurance law in the courts.

Overall, this Handbook synthesizes the insights of insurance economics with the flourishing body of economically oriented research in insurance law.

As well as providing a new approach for scholars, the Handbook will prove a useful reference for insurance lawyers and insurance regulators owing to its policy relevant, practical approach.
‘A dazzling collection of essays from leading experts in the field, this volume offers a superb overview of the economics of insurance and the implications for insurance law and regulation, covering a host of topical policy issues from health care reform and solvency regulation to the organization of insurance supervision and the optimal design of insurance contracts. For both students of insurance regulation and experienced practitioners, the Handbook provides an invaluable window into recent academic scholarship on insurance economics and its application to the legal challenges facing the insurance industry today and in the years ahead.’
– Howell E. Jackson, Harvard Law School, US

‘Although insurance law is important and raises very interesting issues, it has received insufficient attention. This book, which puts together contributions by leading scholars, provides state-of-the-art but accessible analysis of the field’s key issues. The chapters of the book combine tools in law and in economics to illuminate a range of significant issues. It is a welcome addition to the literature that will be an invaluable resource for both students and scholars.’
– Alma Cohen, Harvard Law School, US

‘The Research Handbook is a tremendously useful resource for both experienced insurance and insurance law scholars as well as newcomers to either field. The articles cover the most pressing questions in both disciplines in a succinct, accessible manner, without over-simplifying the inquiry. Economics, cognitive science, regulatory theory, and legal analysis are all brought to bear to illuminate the field. The Handbook is particularly successful in its avowed mission of working to bridge the persistent gap between scholarship regarding insurance theory and operations and scholarship addressing legal issues surrounding insurance.’
– Jeffrey W. Stempel, University of Nevada, Las Vegas, US
Contributors: K.S. Abraham, D. Asmat, R. Avraham, T. Baker, E.F. Brown, P.-A. Chiappori, M.F. Grace, S.E. Harrington, D. Jaffee, R.W. Klein, H.C. Kunreuther, J. Kwak, K.D. Logue, J.A. Nyman, M.V. Pauly, D. Schwarcz, P. Siegelman, C. Silver, R. Squire, S. Tennyson

Contents:

Introduction
Daniel Schwarcz and Peter Siegelman

PART I WHY AND HOW DO INDIVIDUALS PURCHASE INSURANCE?
1. Behavioral Economics and Insurance: Principles and Solutions
Howard C. Kunreuther and Mark V. Pauly

2. Insurance Agents in the 21st Century: The Problem of Biased Advice
Daniel Schwarcz and Peter Siegelman

3. Moral and Other Hazards of Economic Analysis of Health Insurance
John A. Nyman

4. Does The Theory of Insurance Support Awarding Pain and Suffering Damages in Torts?
Ronen Avraham

PART II THE ROLE OF THE STATE IN INSURANCE MARKETS
5. “Social Insurance,” Risk Spreading, and Redistribution
James Kwak

6. Catastrophe Insurance
Dwight Jaffee

7. US Healthcare Reform
Scott E. Harrington

PART III INSURANCE REGULATION
8. Insurance Solvency Regulation: A New World Order?
Elizabeth F. Brown and Robert W. Klein

9. Classification Risk and its Regulation
Kenneth S. Abraham and Pierre-André Chiappori

10. Economics of State versus Federal Regulation
Martin F. Grace

PART IV COURTS AND INSURANCE
11. Mandatory Rules and Default Rules in Insurance Contracts
Tom Baker and Kyle D. Logue

12. The Law and Economics of Insurance Bad Faith Liability
Daniel Asmat and Sharon Tennyson

13. Basic Economics of the Defense of Covered Claims
Charles Silver

14. The Artificial Collective-Action Problem in Lawsuits Against Insured Defendents
Richard Squire

15. The Law and Economics of Liability Insurance: A Theoretical and Empirical Review
Tom Baker and Peter Siegelman

Index