Why is automobile insurance in Philadelphia so damn expensive?

Article Abstract:

The premiums for automobile insurance vary according to city. Large numbers of motorists without insurance can lead to high premiums in some cities, while high premiums may cause many motorists to avoid becoming insured in other markets. A noncooperative equilibrium model produces inefficient equilibria with uninsured motorists and high premiums that are actuarially fair. Markets that have low density and high income have a lower probability of poor equilibrium.

Automobile insurance

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Research joint ventures and R&D cartels

Article Abstract:

The impact of research joint ventures and R&D cartels on companies that are involved in either Cournot or Bertrand competition is examined. The results indicate that the equilibrium level of technological advances is reduced by the establishment of a competitive research joint venture. Equilibrium prices rise more when a competitive research joint venture is created than when companies conduct independent R&D.

Industrial research, Joint ventures, Cartels

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Cooperation, conflict, and power in the absence of property rights

Article Abstract:

A model of two agents demonstrates the trade-off between productive and coercive activities faced by agents in the absence of property rights. The model illustrates that either full or partial cooperation can occur. Cooperation in equilibrium occurs when conflict is not effective. The power of an agent has an inverse relationship with resources when marginal-productivity theory is used to value the resources.

Right of property, Property rights, Agency theory

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