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1、EquilibriuminCompetitiveInsuranceMarkets:AnEssayontheEconomicsofImperfectInformationAuthor(s):MichaelRothschildandJosephStiglitzSource:TheQuarterlyJournalofEconomics,Vol.90,No.4(Nov.,1976),pp.629-649Publishedby:OxfordUniversityPressStableURL:http://www.jstor.org/stable/18853
2、26.Accessed:17/10/201107:04YouruseoftheJSTORarchiveindicatesyouracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jspJSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,andbuilduponawiderangeof
3、contentinatrusteddigitalarchive.Weuseinformationtechnologyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org.OxfordUniversityPressiscollaboratingwithJSTORtodigitize,preserveandextendaccesstoTheQuarterl
4、yJournalofEconomics.http://www.jstor.orgEQUILIBRIUMINCOMPETITIVEINSURANCEMARKETS:ANESSAYONTHEECONOMICSOFIMPERFECTINFORMATION*MICHAELROTHSCHILDANDJOSEPHSTIGLITZIntroduction,629.-I.Thebasicmodel,630.-Il.Robustness,638-III.Conclusion,648.INTRODUCTIONEconomictheoriststraditional
5、lybanishdiscussionsofinfor-mationtofootnotes.Seriousconsiderationofcostsofcommunication,imperfectknowledge,andthelikewould,itisbelieved,complicatewithoutinforming.Thispaper,whichanalyzescompetitivemarketsinwhichthecharacteristicsofthecommoditiesexchangedarenotfullyknowntoatl
6、eastoneofthepartiestothetransaction,suggeststhatthiscomfortingmythisfalse.Someofthemostimportantcon-clusionsofeconomictheoryarenotrobusttoconsiderationsofim-perfectinformation.Weareabletoshowthatnotonlymayacompetitiveequilibriumnotexist,butwhenequilibriadoexist,theymayhavest
7、rangeprop-erties.Intheinsurancemarket,uponwhichwefocusmuchofourdiscussion,salesoffers,atleastthosethatsurvivethecompetitiveprocess,donotspecifyapriceatwhichcustomerscanbuyallthein-surance.theywant,butinsteadconsistofbothapriceandaquan-tity-aparticularamountofinsurancethatthe
8、individualcanbuyatthatprice.Furthermore,ifindividualswerewillingorabletorev
