Information quality, performance measurement, and security demand in rational expectations economies

Article Abstract:

The relationship between asset demand and information quality in rational expectations economies is analyzed. First we derive a number of new summary descriptive statistics that measure four basic characteristics of investment style: asset selection, market timing, aggressiveness, and specialization. Then we relate these statistics to the divergence between a given investor's information structure and the market average information structure. Finally, we demonstrate that informational differentials can be identified, and consistently estimated, using ordinary least squares, from the time-series of observed asset demand. (Reprinted by permission of the publisher.)

Research, Performance, Stocks, Measurement, Rational expectations (Economics)

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The price elasticity of demand for whole life insurance

Article Abstract:

A real price index is created for whole life insurance sold in the U.S. between 1953 and 1979, with new purchases of whole life insurance shown to be negatively related to changes in the cost index, contradicting earlier claims frequently found in insurance literature but consistent with economic theory. The insurance industry's manifestation of a high level of price competition is not ensured by the existence of strong price elasticity of demand for whole life insurance, however. Conclusions and directions for continued research along these lines are also discussed.

Models, Usage, Prices and rates, Insurance, Life insurance, Prices, Elasticity (Economics), Least squares

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