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1、TheStochasticDominanceofNo-FaultAutomobileInsuranceAuthor(s):J.DavidCumminsandMaryA.WeissReviewedwork(s):Source:TheJournalofRiskandInsurance,Vol.60,No.2(Jun.,1993),pp.230-264Publishedby:AmericanRiskandInsuranceAssociationStableURL:http://www.jstor.org/stable/252906.Accessed:18/1
2、2/201205:10YouruseoftheJSTORarchiveindicatesyouracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jsp.JSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,andbuilduponawiderangeofcontentinatrusteddi
3、gitalarchive.Weuseinformationtechnologyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org..AmericanRiskandInsuranceAssociationiscollaboratingwithJSTORtodigitize,preserveandextendaccesstoTheJournalofRiskand
4、Insurance.http://www.jstor.orgThiscontentdownloadedonTue,18Dec201205:10:52AMAllusesubjecttoJSTORTermsandConditionsXTheJour-nialofRi'skatidinsurance,1993Vol.60,No.2,230-264TheStochasticDominanceofNo-FaultAutomobileInsuranceJ.DavidCumminsMaryA.WeissABSTRACTThisarticlepresentsarigo
5、rousanalysisofno-faultautomobileinsuranceintermsofsto-chasticdominancetheory.Inthebaselinecase,withidenLicaldriversandactuariallyfairinsurance,no-faultisstochasticallydominantaslongastheno-faultinsurancepremiumexceedsthetortpremium.Inthiscase,no-faultbringsahigherproportionofacc
6、identcostsunderinsurance,increasingdriverwelfare.Whenexpensechargesareintroduced(actuariallyunfairinsurance)no-faultmaystillbestochasticallydominantiftheexpensechargeislessunderno-fault,evenifno-faultweakensincentivesforgooddrivingandleadstohigheraccidentrates.Electiveno-faultis
7、unlikelytoreduceautoinsurancecosts,becausedriverswithhighpropensitiestowardmoralhazardarelikelytoretaintheirrighttosuebychoosingtort.IntroductionAutonmobileInsurance:WhatWentWrong?Privatepassengerautomobileinsurancetraditionallyhasbeenarelatively"safe"lineofproperty-liabilityins
8、urance,insulatedfromthesharpchangesinpricesandp
