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Risky Business: Why Insurance Markets Fail and What to Do About It Hardcover – January 31, 2023

by Liran Einav (Author), Amy Finkelstein (Author), Ray Fisman (Author)
4.5 4.5 out of 5 stars 58 ratings
See all formats and editions
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An engaging and accessible examination of what ails insurance markets—and what to do about it—by three leading economists

“The authors . . . do a masterful job of explaining the intractable complexities created by this socially vital activity.”—Martin Wolf, Financial Times, “Best Books of 2022: Economics”
 
Why is dental insurance so crummy? Why is pet insurance so expensive? Why does your auto insurer ask for your credit score? The answer to these questions lies in understanding how insurance works. Unlike the market for other goods and services—for instance, a grocer who doesn’t care who buys the store’s broccoli or carrots—insurance providers are more careful in choosing their customers, because some are more expensive than others.
 
Unraveling the mysteries of insurance markets, Liran Einav, Amy Finkelstein, and Ray Fisman explore such issues as why insurers want to know so much about us and whether we should let them obtain this information; why insurance entrepreneurs often fail (and some tricks that may help them succeed); and whether we’d be better off with government-mandated health insurance instead of letting businesses, customers, and markets decide who gets coverage and at what price. With insurance at the center of divisive debates about privacy, equity, and the appropriate role of government, this book offers clear explanations for some of the critical business and policy issues you’ve often wondered about, as well as for others you haven’t yet considered.
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Previous page
  1. Print length
    280 pages
  2. Language
    English
  3. Publisher
    Yale University Press
  4. Publication date
    January 31, 2023
  5. Dimensions
    5.75 x 1 x 8.75 inches
  6. ISBN-10
    0300253435
  7. ISBN-13
    978-0300253436
  8. See all details
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Editorial Reviews

Review

“The authors, three US-based academics, keep the debate moving along with a chatty, breezy style. . . . The book hits its stride with the thornier problems insurance companies and their customers are beginning to face.”—Oliver Ralph, Financial Times

“The authors, professors at Stanford, MIT and Boston, do a masterful job of explaining the intractable complexities created by this socially vital activity.”—Martin Wolf, Financial Times, “Best Books of 2022: Economics”

“[The authors] craft an entertaining account of a subject most people encounter only when they write premium checks or file a claim.”—Harvard Magazine

“The book . . . is a classic example of how to present economic research in readable, digestible form.”—Tyler Cowen, Marginal Revolution (blog)

“A gem of a book.”—Mike Jakeman, Strategy + Business magazine

“The problem of hidden information is central to understanding insurance, and the nature of markets more generally. The very human cat-and-mouse stories that animate Risky Business are not only great fun; they also subtly reveal the basis of a great deal of economics.”—George Akerlof, Nobel laureate in Economic Sciences

“Most people—indeed, most policy makers—don’t fully get why the insurance business is really different from selling televisions or broccoli or even other financial products. Risky Business gives an accessible tour of why insurance is a special case and why it matters. Without a doubt, it is likely to be the most fun book you will ever read that includes the word ‘insurance’ in the title.”—Austan Goolsbee, former chair of the Council of Economic Advisors

“Risky Business does the seemingly impossible: it makes insurance fun! Picture the most interesting book you can imagine about insurance; I promise you, this book is three times better than the one you imagined. Throw out the economics textbooks—this is how people should learn economics!”—Steven D. Levitt, coauthor of Freakonomics

“This book is a fascinating look at how insurance markets work (or don’t). It’s a must read for people seeking to understand their own choices, and for policy makers who shape those options.”—Emily Oster, author of The Family Firm

About the Author

Liran Einav is professor of economics at Stanford University. Amy Finkelstein is the John and Jennie S. MacDonald Professor of Economics at MIT. Ray Fisman is the Slater Family Chair in Behavioral Economics at Boston University.

Product details

  • Publisher ‏ : ‎ Yale University Press (January 31, 2023)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 280 pages
  • ISBN-10 ‏ : ‎ 0300253435
  • ISBN-13 ‏ : ‎ 978-0300253436
  • Item Weight ‏ : ‎ 14.9 ounces
  • Dimensions ‏ : ‎ 5.75 x 1 x 8.75 inches
  • Customer Reviews:
    4.5 4.5 out of 5 stars 58 ratings

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  1. Ray Fisman

    Ray Fisman

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  2. Liran Einav

    Liran Einav

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Customer reviews

4.5 out of 5 stars
4.5 out of 5
58 global ratings

Top reviews from the United States

Michael J
5.0 out of 5 stars Excellent, clear, lively
Reviewed in the United States on February 10, 2024
Verified Purchase
I bought this after hearing one of the authors (Finkelstein) interviewed on Sean Carroll’s “Mindscape” podcast. It’s written in a clear and lively manner, and it’s full of excellent examples and explanations of why markets for insurance run so contrary to our intuitions. A must read for anyone concerned about the costs of health, auto, and home insurance in this country- which should be all of us.
Helpful
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Henryk A. Kowalczyk
3.0 out of 5 stars Authors know a lot but avoid logical conclusions.
Reviewed in the United States on August 16, 2023
Verified Purchase
The book is about insurance in general, but the dysfunctional health insurance system weighs heavily on the book’s tale. Authors know the subject; after all, they claim to be experts. Narration is easy to read and understand. In that sense, the book has value in popularizing a particular subject.
However, a more informed reader sees an intrusive ideological indoctrination. The authors do it very sneaky by dismissing opinions that do not fit their political agenda. Readers sharing their views will nod, but others might turn a book away.
Professors Liran Einav and Amy Finkelstein later wrote one more book devoted to health care policy. I read it as well and wrote a review.
One person found this helpful
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James Canion
5.0 out of 5 stars An unusual and humorous view on a serious topic.
Reviewed in the United States on March 26, 2023
Amy Finkelstein is a brilliant and humorous professor at MIT. She has a delivery that makes a typically dull and
mundane subject come to life by offering memorable real life examples. Who knew insurance could be so logical
and important in most lives. She also has a podcast episode on Freakonomics, that discusses the book. An exceptional
read.
3 people found this helpful
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