Insurance Contracts as Commodities: A Note

Andreas Hornstein and Edward Prescott

The Review of Economic Studies, 1991, vol. 58, issue 5, 917-928

Abstract: This paper extends recent developments in general equilibrium theory and applies them to the problem of measuring the real output of an economy's insurance sector. These developments permit a priced commodity to be a complex incentive-compatible contract. These contracts are not bundles of more basic commodities. These contracts are elementary in the same sense that event-contingent goods deliveries are elementary in the Arrow- Debreu framework.

Date: 1991
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