Research Handbook on the Economics of Insurance Law

Research Handbook on the Economics of Insurance Law

Research Handbooks in Law and Economics series

Edited by Daniel Schwarcz and Peter Siegelman

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.

Introduction

Edited by Daniel Schwarcz and Peter Siegelman

Subjects: law - academic, commercial law, insurance law, law and economics

Extract

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. As a result, legal analysis of insurance tends to ignore or simplify the economic implications of doctrinal rules and regulatory approaches. For example, the use of behavioural economics to understand anomalies in insurance demand has generated important insights that legal scholars and regulators are only beginning to assimilate. Meanwhile, economic models of insurance are often too divorced from legal realities and institutional details to offer clear policy guidance. Thus, careful study of different companies’ homeowner’s insurance policies reveal significant variations that present challenges for economic models of competition in insurance markets. This Research Handbook on the Economics of Insurance Law seeks to bridge the historical divide between insurance economists and insurance law scholars. By bringing together original and accessible contributions by many of the top thinkers in each domain, the Handbook provides a uniquely robust perspective on the many ways in which insurance law, regulation, and policy are impacted by insurance economics, as well as the many ways in which the economics of insurance is structured by law, regulation, and policy.