Rosen - Huebner - McCahan Seminar Series

Previous Papers

• Spring 2008

• Spring 2007

Speaker: Emel Filiz, (Columbia)
Topic: Incorporating Unawareness into Contract Theory (joint w/ Applied Economics)

Speaker: Amit Kumar Gandhi, (Chicago GSB)
Topic: Rational Expectation at the Racetrack: Testing Expected Utility Theory Using Prediction Markets (joint w/ Applied Economics)

Speaker: Felix Reichling (Stanford)
Topic: Optimal Unemployment Insurance in Labor Market Equilibrium When Workers Can Self-Insure

Speaker: Justin Sydnor (Case Western Reserve)
Topic: Abundant Aversion to Moderate Risk: Evidence from Homeowners Insurance

Speaker: Claudia Sahm (Michigan)
Topic: Does Risk Tolerance Change? (joint w/ Applied Economics)

Speaker: Jeffrey Brown (Illinois)
Topic: Why the Markets for Long-term Care Insurance Is So Small and The Interaction of the Public and Private Insurance: Medicaid and the Long-Term Care Insurance Market (joint w/ Applied Economics)

Speaker: George Zanjani (FRB, New York)
Topic: Public versus Private Underwriting of Catastrophic Risk: Lessons from the California Earthquake Authority

Speaker: Anatasia Kartasheva (Georgia State)
Topic: Sequential Common Agency: The Revelation Principle

Speaker: Amy Finkelstein (MIT, Econ & NBER)
Topic: The Welfare Cost of Asymmetric Information: Evidence from the U.K. Annuity Market

Speaker: Harris Schlesinger (University of Alabama)
Topic: Changes in Risk and the Demand for Saving

Speaker: Greg Nini (FRB, NY)
Topic: Creditor Control Rights and Firm Investment Policy

Speaker: Christian Gollier (University of Toulouse)
Topic: Does Ambiguity Aversion Reinforce Risk Aversion? Applications to Portfolio Choices and Asset Prices

Speaker: Raimond Maurer (University of Frankfurt)
Topic: Money in Motion: Dynamic Portfolio Choice in Retirement

• Fall 2006

Speaker: Justin Wolfers, Wharton BPP

Topic: "Macroeconomic Derivatives: An Initial Analysis of Market-Based Macro Forecasts, Uncertainty, and Risk"

Speaker: Alexander Muermann, Wharton IRM

Topic: "Mutual versus Stock Insurers: Fair Premium, Capital, and Solvency" (joint w/ Christian Laux)

Speaker: Jeremy Skog, Wharton IRM

Topic: "Who Knows What About Their Pensions: Individual Account Knowledge in the Chilean System"

Speaker: Joseph Gerakos, Wharton Accounting
Topic: "CEO Pensions: Stealth Compensation versus Arm's Length Contracting"

Speaker: Jon Zinman, Dartmouth

Topic: "Observing Unobservables: Identifying Information Asymmetries with a Consumer Credit Field Experiment" and "Expanding Credit Access: Using Randomized Supply Decisions to Estimate the Impacts"

Speaker: Ginger Jin, Maryland

Topic: "Patient Learning and Advertising in the Diffusion of Cox2 Inhibitors" (joint w/  Pradeep Chintagunta and RennaJiang)

Speaker: Sojung Park, Wharton IRM

Topic: "The Opacity of Insurance Companies"

Speaker: Qingyi Song, Wharton IRM

Topic: "Returns Post Catastrophe Induced Seasoned Equity Offerings of Property and Casualty Insurance Companies"

• Spring 2006

Speaker: Jacqueline Volkman (Wharton)

Topic: "Envy and Portfolio Allocation in Defined Contribution Pension Plans"

Speaker: Chris Carroll (Johns Hopkins, Econ)

Topic: "Sticky Expectations and Consumption Dynamics"

Speaker: Dan Silverman (University of Michigan, Econ)

Topic:  "Sources of Advantagenous Selection: Evidence from the Medigap Insurance Market,"(with Hanming Fang and Michael Keane)

Speaker: Casey Rothschild (MIT, Econ)

Topic: "Adverse Selection, Linear Pricing and Front-Loading in Annuity Markets"

Speaker: Gregory Nini (FRB, NY)

Topic: "Ex-Post Behavior in Insurance Markets"

Speaker: Takeshi Yamaguchi (Wharton)

Topic: "The Inattentive Participant: Portfolio Trading Behavior in 401(k) Plans"

Speaker: Grzegorz Rempala (University of Louisville, Statistics)

Topic: "A Statistical Analysis of the Effect of Anchoring in the Negotiation Process of Automobile Bodily Injury Liability Insurance Claims"

Speaker: Ying Chen (Wharton)

Topic: "Investment Allocation in the Life Cycle Model"

Speaker: Franklin Allen (Wharton)

Topic: Systemic Risk and Regulation

Speaker: Stephen Shore (Wharton)

Topic: TBA

• Fall 2005

Speaker: Stephen Shore (Wharton)
Topic:    The Intergenerational Transmission of Income Volatility: Is Riskiness Inherited?

Speaker: Liran Einav (Stanford Econ) (joint w/ Applecon)
Topic:    Estimating Risk Preferences from Deductible Choice

Speaker: Harris Schlesinger (University of Alabama)
Topic:    Asset Allocation Given Non-Market Wealth and Rollover Risks

Speaker: Ran Wei (Wharton)

Topic:    Convergence and Contagion in the U.S. Banking and Insurance Industries: Evidence From Operational Risk Events

Speaker: Arthur Snow (University of Georgia)
Topic:    On the Possibility of Profitable Self-Selection Contracts in Competitive Insurance Markets

Speaker: Georges Dionne (HEC, Montreal)
Topic:    Separating Moral Hazard from Adverse Selection in Automobile Insurance: Longitudinal Evidence from France

Speaker: Snorre Lindset (Wharton)
Topic:    Why Jumps are Important with Continuous Monitoring: The Case of Guaranty Funds (joint w/ Svein-Arne Persson)

Speaker: Mike Golosov (MIT Econ)
Topic:    A Theory of Liquidity and Regulation of Financial Intermediation (joint w/ Emmanuel Fahri and Aleh Tsyvinski)
 

Speaker: Scott Harrington (Wharton)
Topic:   Soft and Hard Markets in Medical Liability Insurance (joint w/ Patricia Danzon and Andrew Epstein)

• Spring 2005

Speaker: Alexander Muermann (The Wharton School)

Topic: Spot Market Power and Futures Market Trading (Joint w/ Stephen Shore, Wharton School)

Speaker: Jing Li (UPenn, Economics)
Topic:  Unawareness (Supplementary Note to Unawareness)

Speaker: Terri Vaughan (Drake)
Topic: "Things I Learned as Insurance Commissioner"

Speaker: Anne Gron (Northwestern)
Topic: Has the Malpractice Crisis in Florida Really Affected Access to Care?

Speaker: Loftin Graham (The Wharton School)
Topic: Ex Post Moral Hazard and Auto Bodily Injury Liability Insurance

Speaker: Krupa Viswanathan (Temple University)
Topic: The Pricing of Insurer Demutualization Initial Public Offerings

Speaker: Jeremy Gold, (Jeremy Gold Pensions)
Topic: Retirement Benefits, Economics and Accounting: Moral Hazard and Frail Benefit Designs

Speaker: Michael Braun (The Wharton School)
Topic: Modeling Unobserved Threshold Behavior: The Case of Unclaimed Insurance Losses

Speaker: Keith Croker (Penn State University)
Topic: "The Economics of Earnings Manipulation and Managerial Compensation"

• Fall 2004

Speaker: Mark Israel (Kellogg, Northwestern)
Topic: Do We Drive More Safely When Accidents are More Expensive?  Identifying Moral Hazard from Experience Rating Schemes

Speaker: Xiaoying Xie (Wharton)
Topic: Efficiency and Value Creation in Acquisitions and Divestitures: Evidence from the US Property-Liability Insurance Industry

Speaker: Stella Yang (The Wharton School)
Topic: Understanding the Defined Benefit versus Defined Contribution Choice

Speaker: Stephen Shore (The Wharton School) (Joint w/ Todd Sinai, Wharton School and NBER)

Topic: Household Risks and the Demand for Housing Commitments

Speaker: Christian Laux (University of Frankfurt)
Topic:   Multiline Insurance: Bundling Risks to Reduce Moral Hazard

Speaker: Paul S. Willen (Federal Reserve Bank of Boston)
Topic: Social Security and Unsecured Debt

Speaker: Raj Chetty (UC Berkeley)
Topic: Labor Supply and Risk Aversion: A Calibration Theorem

Speaker: Jeffrey Brown (UIUC)
Topic: The Interaction of Public and Private Insurance: Medicaid and the Long-Term Care Insurance Market

Speaker: Richard Phillips (George State University)
Topic: An Empirical Investigation of the Pricing of Financially Intermediated Risks with Costly External Finance

Speaker: Neil A. Doherty and Alexander Muermann (The Wharton School)
Topic: Brokers and the Insurance of Non-Verifiable Losses

Speaker: Annette Vissing-Jorgensen (Kellogg, Northwestern)
Topic: The Impact of Labor Income Risk on Educational Choices: Estimates and Implied Risk Aversion

• Spring 2004

Svein-Arne Perrson (Norwegian Sch. of Econ. & Bus. Admin):: "Aspects of Hybrid Capital"

J. David Cummins (The Wharton School): "An Empirical Analysis of the Economic Impact of Federal Terrorism Reinsurance"

Pierre Lemaire (The Wharton School): "Should the Poor Really Own Stocks?  Optimal Portfolio Analysis with Wage-Indexed Social Security"

Dwight Jaffee (University of Berkeley): "Monoline Restrictions, with Applications to Mortgage Insurance and Title Insurance"

Olivier Mahul (World Bank): "Hedging with Vulnerable Contracts"

John Karl Scholz (University of Wisconsin): "Are Americans Saving 'Optimally' for Retirement?"

Amy Finkelstein (NBER): "Private Information and its Effect on Market Equilibrium: New Evidence from Long-term Care Insurance"

George Zanjani (Federal Reserve Bank of New York): "The Rise and Fall of the Fraternal Life Insurer: Law and Finance in U.S. Life Insurance, 1870-1920"

Elizabeth Warren (Harvard Law School): "The New Economics of Middle Class Families -- Schools, Housing and Bankruptcy"

Mark Duggan (University of Maryland): "Do New Prescription Drugs Pay for Themselves? The Case of Second-Generation Antipsychotics"

Brigitte Madrian (The Wharton School):: "Consumption-Wealth Comovement of the Wrong Sign"

• Fall 2003

Jean Lemaire (The Wharton School), "The French Paradox: Red Wine or Handguns?" or "The Impact of Firearm Death on the US Life Expectancy" -- Graph 1 and Graph 2

David Cummins (The Wharton School),  "Economies of Scope in the Insurance Industry: a DEA Bootstrapping Analysis”

Marie-Eve Lachance (The Wharton School),  "Optimal Investment Behavior as Retirement Looms”

Raimond Maurer (University of Frankfurt),  “Betting on Death and Capital Markets in Retirement: A Shortfall Risk Analysis of Life Annuities versus Phased Withdrawal Plans”

Ran Wei, (The Wharton School),  "Operational Risk in the Insurance Industry"

Michael Braun, (The Wharton School), "The Impact of Regret on the Demand for Insurance"

Paul Ehling, (HEC Lausanne),  "Corporate Demand for Property Insurance"

Eytan Sheshinski, (The Hebrew University of Jerusalem), "Uncertainty Resolution, Annuity Purchases and Adverse Selection"

Tapen Sinha (ITAM, Mexico D.F.), "Aspects of Publicly Mandated, Privately Managed Pensions"

Harris Schlesinger, (University of Alabama),  "Putting Risk in its Proper Place"

Ronny Klein (University of Halle),  "Medical Savings Contract or Deductible Insurance?"

Jose-Victor Rios-Rull, (Department of Economics - U. of PA),  "Life Insurance and the Value of Wives"

Richard Derrig, (Automobile Insurers Bureau of Massachusetts),  "The Equity Risk Premium: Expectations Great and Small"

• Spring 2003

Guilluame Plantin, (London School of Economics):  "Tranching"

Ashok S. Rai, (Yale University):  "Is Grameen Lending Efficient?  Repayment Incentives and Insurance in Village Economies"

Juan Camilo Gómez, (University of Minnesota):   "An Extension of the Core Solution Concept"

Anna R. Dodonova, (University of Iowa):   "Applications of Regret Theory to Asset Pricing"  and  "Multiple Benchmarks and Portfolio Allocation: Why Investors do not Diversity Enough"

Stephen Shore, (Harvard University):  "Risk and Career Choice"

Jeremy Siegel, (The Wharton School):  "Productivity Growth and Retirement Age: Some Simulations"

Xiaoying Xie, (The Wharton School):  "Economies of Scale and Efficiency Analysis in the United States Property-Liability Insurance Industry"

Howard Kunruether, (The Wharton School):  "Interdependent Security"

Paul Kleindorfer, (The Wharton School):  "Risk Management Strategies for Global Supply Chains" (joint w/ Luk Van Wassenhove)

Neil Doherty and Alexander Muermann, (The Wharton School):  "Why Firms Exist in almost Efficient Markets"

Kent Smetters, (The Wharton School):  "Sharing Financial Risk Across Non-Trading Generation: A Decentralized Alternative to Government Ownership of Private Equities"

Marcus Hagedorn, (University of Bonn):  "On the Feasibility of Debt Ponzi Schemes - A Bond Portfolio Approach"

Lisa Meullbroek, (Harvard University):  "Company Stock in Pension Plans: How costly Is It?"

Richard Phillips, (Georgia State University):   "The High Cost of Insurance Company Failures: A Re-Examination of the Evidence"

Patricia Danzon, (The Wharton School):  "Reference Pricing: Evidence from Germany, the Netherlands and New Zealand"

Christian Gollier, (University of Toulouse): "Collective Risk-Taking Decisions with Heterogeneous Beliefs"

• Fall 2002

Derman, Emanuel, (Goldman, Sachs & Company): "The Perception of Time, Risk and Return During Market Bubbles"

Eckles, David (The Wharton School): "Punitive Damages and the Demand for Insurance"

Krahen, Jan Pieter (University of Frankfurt): "Multiple Lenders and Corporate Distress: Evidence on Debt Restructuring"

Lemaire, Jean & Narumon Saardchom (The Wharton School): "Why Do Females Live Longer Than Males?" & "Marriage Markets Across Countries"

Lemaire, Pierre (The Wharton School): "Should the Poor Really Own Stocks? Optimal Portfolio Analysis with Wage-Indexed Social Security"

Lewis, Christopher (Fitch Risk Management): "Catastrophic Risk, Parameter Uncertainty, and the Breakdown of Implicit Long-Term Contracting in the Insurance Market: The Case of Terrorism Insurance"

Muermann, Alexander & Oktem, Ulku (The Wharton School): "The Near-Miss Management of Operational Risk"

Yang, Tongxuan (The Wharton School): "Defined Benefit Pension Plan Liabilities and International Asset Allocation"

Zanjani, George (Federal Reserve Bank of New York): "Regulation, Capital Structure, and Organizational Form in U.S. Life Insurance"

• Spring 2002

Cummins, J. David & Doherty, Neil A. (The Wharton School): "Terrorism Reinsurance: Is There a Need for a Federal Role?"

Derrig, Richard (Automobile Insurers Bureau of Massachusetts): "New Developments in Insurance Fraud Detection"

Finkelstein, Amy (National Bureau of Economic Research): "Adverse Selection in the Insurance Markets: Policyholder Evidence from the U.K. Annuity Market"

Grace, Martin F. (Georgia State University): "Supply, Demand & Regulation of Catastrophe Insurance in the Homeowners Market"

Lachance, Marie-Eve & Mitchell Olivia (The Wharton School): "Reforming Social Security"

McCarthy, David (The Wharton School): "Wage Indexed Claims a Stochastic DP Approach"

Schlesinger, Harris (University of Alabama): "Multiplicative Background Risk"

Smetters, Kent (The Wharton School): "Ricardian Equivalence with Incomplete Household Risk Sharing"

Wilder, Jeffrey (MIT): "Competing for the Effort of a Common Agent: Contingency Fees in Commercial Lines Insurance"

• Fall 2001

Bender, Klaus (Goethe University): "The Moral Hazard-Reducing Function of Service in Reinsurance Relationships"

Eckles, David (The Wharton School): "Punitive Damages and Insurance Demand"

Fong, Wai Mun (National University of Singapore): "Money's Worth and Selection Effects in the Singapore Annuities Markets"

Levine, Phil (Wellesley College): "Abortion as Pregnancy Insurance"

Mauer, Raimond (Goethe University): "Self Annuitization, Ruin Risk in Retirement and Asset Allocation"

McCarthy David (The Wharton School): "Pension Design and Pension Resiliency"

Muermann, Alexander (The Wharton School): "Valuation in Integrated Financial and Insurance Markets"

Nini, Greg (The Wharton School): "Asymmetric Learning in Financial Markets"