The Existence of the Miyazaki-Wilson-Spence Equilibrium with Continuous Type Distributions

Abstract

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Competitive insurance markets with unbounded cost

“…These equilibrium concepts are not guaranteed to exist in general. For instance,Azevedo and Gottlieb [2016] provide an example of non-existence ofRiley [1979] equilibrium Gemmo et al [2018]. shows existence of theMiyazaki [1977],Wilson [1977],Spence [1978],Riley [1979] equilibrium for continuous type distributions.…”