The Vertical Differentiation Model in the Insurance Market

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This article explores the vertical differentiation model in the insurance market. The main results are as follows. First, the equilibrium price differential is not a linear function of the highest quality valuation (accident probability) and the maximum and minimum quality differentials. Second, a high quality insurance firm does not always receive greater equilibrium expected profit, even if its average cost is the same as that of a low-quality insurance firm. Finally, a change in the highest quality valuation has an ambiguous effect on the equilibrium expected profit differential.

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