In monopoly insurance markets with probability weighting, Stackelberg equilibria produce layer-type indemnity functions that provide full coverage where the policyholder is more pessimistic than the insurer about tail losses, are Pareto efficient without welfare gains to the policyholder, and yield
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Stackelberg Equilibria in Monopoly Insurance Markets with Probability Weighting
In monopoly insurance markets with probability weighting, Stackelberg equilibria produce layer-type indemnity functions that provide full coverage where the policyholder is more pessimistic than the insurer about tail losses, are Pareto efficient without welfare gains to the policyholder, and yield