2009쓪퓶1웚(뗚24뻭)쟥뮪듳톧톧놨(헜톧짧믡뿆톧냦)()잿훆놣쿕쓜럱쳡룟놣쿕쫐뎡킧싊훜몣헤(쟥뮪듳톧ꆡ뺭볃맜샭톧풺,ꆡ놱뺩ꆡ100084)ꆡꆡ햪ꆡ튪:컄헂틔짧믡뢣샻캪뫢솿놣쿕쫐뎡킧싊뗄뇪ힼ,럖컶쪵쪩잿훆놣쿕쫇럱폐훺폚놣쿕쫐뎡킧싊뗄쳡룟ꆣ컄헂쫗쿈횤쏷쇋퓚탅쾢늻뛔돆뗄놣쿕쫐뎡훐듦퓚ퟅ쫐뎡쪧쇩쿖쿳;좻뫳춨맽뇈뷏쪵쪩잿훆놣쿕잰뫳짧믡뢣샻뗄닮틬,뗃돶뷡싛:쪵쪩잿훆놣쿕폐훺폚짧믡뢣샻뗄룄짆,듓뛸뿉틔쳡룟놣쿕쫐뎡킧싊ꆣ맘볼듊:탅쾢늻뛔돆;ꆡ잿훆놣쿕;ꆡ짧믡뢣샻;ꆡ쫐뎡킧싊ퟷ헟볲뷩:훜몣헤,얮,쟥뮪듳톧뺭볃맜샭톧풺늩쪿퇐뺿짺,퇐뺿랽쿲:럧쿕맜샭폫놣쿕횱쫇놣쿕볠맜뺭볃톧퇐뺿뗄훷튪컊쳢횮튻ꆣPau2튻ꆢ틽ꆡꆡ퇔ly(1974,1978[1][2])뫍Johnson(1977[3])춨맽뛔듦퓚쓦톡퓱쿖쿳뗄놣쿕쫐뎡뗄퇐뺿,뗃돶틔쿂뷡싛:탅쾢늻뛔돆쫇놣쿕쫐뎡뗄튻룶믹놾쳘헷,쯼컞싛쫇룹뻝룟럧쿕춶놣죋뮹쫇뗍럧쿕춶놣죋뗄탨믡떼훂쓦톡퓱쿖쿳,듓뛸쪹쫐뎡풴엤훃듯늻떽쟳좷뚨잿훆놣쿕뗄릺싲뛮,잿훆놣쿕뚼쓜쪹놣쿕엁샛췐ퟮ폅,틲뛸탨튪헾뢮뷸탐튻뚨돌뛈뗄룉풤ꆣ쫐뎡듯떽엁샛췐ퟮ폅ힴ첬ꆣDahlby(1981[4])퓲뛔쒳킩쿕훖쪵쪩잿훆놣쿕쫇룷맺헾뢮뛔놣쿕쫐뎡죏캪,Pauly뫍Johnson뗄뷡싛돉솢뗄잰쳡쫇,놣뷸탐볠맜뗄튻쿮훘튪톡퓱,틔웚쿻돽믲늿럖쿻돽쿕쫐뎡짏횻듦퓚볛룱뺺헹ꆣ떫쫂쪵짏,죧Roths2쓦톡퓱쿖쿳ꆣ놾컄쫔춼첽쳖퓚듦퓚쓦톡퓱쿖쿳뗄놣쿕쫐뎡child뫍Stiglitz(1976[5])ꆢWilson(1977[6])뫍훐Spen7]ce(1978[)쯹횸돶뗄,놣쿕쫐뎡쫇볛룱쫽솿,쪵쪩잿훆놣쿕쫇럱쓜듯떽헾뢮룉풤쫐뎡뗄풤웚쒿뇪,벴쫇럱뿉틔퓶볓짧믡뢣샻,쳡룟쫐뎡킧뗄뺺헹,틲듋Pauly뫍Johnson뗄뷡싛늻튻뚨돉싊ꆣ퓚캢맛뺭볃톧훐솢ꆣDahlby죏캪:틲캪놣쿕쫐뎡짏쳡릩뗄놣떥,튻냣폃짧믡뢣샻살뫢솿쫐뎡킧싊,뛸짧믡뢣샻춨뎣뇭쪾캪쿻럑헟쪣폠뫍짺뚼쫇춬쪱맦뚨쇋볛룱뫍놣뛮뗄,춶놣죋늢늻쓜틔닺헟쪣폠횮뫍;쒳룶쫐뎡쯹듸살뗄짧믡뢣샻풽뛠튻룶볈뚨뗄볛룱릺싲떽뻟폐죎틢놣뛮뗄놣떥,쯹,웤쫐뎡킧싊튲뻍풽룟ꆣ룹뻝캢맛뺭볃톧뗄헢튻믹틔:뗚튻,죧맻놣쿕쫐뎡돵쪼뗄뻹뫢ힴ첬캪R2S놾싛쫶럖샫뻹뫢ꋙ,퓚쪵탐쇋잿훆놣쿕뫳,죧맻늻퓊탭춶,놾컄릹붨쇋놣쿕쫐뎡훐쿻럑헟쪣폠뫍짺닺헟쪣폠뗄쫽톧쒣탍,뛔쪵쪩뫍늻쪵쪩잿훆놣쿕놣죋릺싲뛮췢뗄짌튵놣쿕ퟷ캪늹돤,퓲늻믡듦퓚쪱놣쿕쫐뎡퓚뻹뫢ힴ첬쿂뗄짧믡뢣샻뷸탐쇋뇈엁샛췐룄뷸;랴횮,퓲듦퓚엁샛췐룄뷸ꆣ뗚뛾,죧뷏,뻝듋살럖컶쪵쪩잿훆놣쿕뛔룄뷸쫐뎡킧싊뗄맻놣쿕쫐뎡돵쪼뗄뻹뫢ힴ첬쫇Wilson2Spence뻹ퟷ폃ꆣ뫢ꋚ,쪵탐잿훆놣쿕뫳,늻맜쫇럱퓊탭춶놣죋릺싲쪵쪩잿훆놣쿕쓜럱쳡룟놣쿕쫐뎡뗄킧싊,튻뛮췢뗄짌튵놣쿕ퟷ캪늹돤,뚼늻믡듦퓚엁샛췐룄ꋙ볻Rothschild뫍Stiglitz(1976)ꆣꋚ볻Wilson(1977)뫍Spence(1978)ꆣꆤꆡ43ꆤ
쟥뮪듳톧톧놨(헜톧짧믡뿆톧냦)뷸ꆣLereah(1983[8])퇐뺿쇋죧맻잿훆놣쿕뷶맦뚨퓲쫇(y-s1,x-s1+s2)ꆣ뇘탫릺싲뗄ퟮ뗍놣헏쮮욽,믡뛔풭폐뗄쫐뎡뻹뫢ꆢ룷샠춶놣죋뗄뢣샻쯹닺짺뗄펰쿬ꆣ쯻뗄훷튪뷡싛(튻)믹놾쒣탍쫇:뗚튻,죧맻놣쿕쫐뎡돵쪼뗄뻹뫢ힴ첬쫇R2S1.탨쟳몯쫽럖샫뻹뫢,틲캪룟럧쿕춶놣죋틑뺭톡퓱쇋좫뛮놣볙짨쿻럑헟쫇럧쿕맦뇜탍뗄,춨맽릺싲놣쿕쿕,쯹틔맦뚨ퟮ뗍놣쿕릺싲뛮훷튪쫇쳡룟쇋뗍럧룄뇤쇋늻춬ힴ첬쿂뗄닆뢻ힴ뿶ꆣ죧맻폃u(Ó)쿕춶놣죋뗄놣헏쮮욽,뛔룟럧쿕춶놣죋퓲컞펰쿬ꆣ(uꇤ(Ó)>0,uꇥ(Ó)<0)뇭쪾쿻럑헟룶죋쯹펵폐퓚헢훖쟩뿶쿂,쪵쪩잿훆놣쿕믡쪹쫐뎡뻹뫢뇤캪뗄닆뢻뗄킧폃,퓲춶놣뫳뗄웚췻킧폃쫇:Wilson믬춬뻹뫢,떼훂뗍럧쿕죋좺뗄뢣샻붵뗍ꆣU(P,s1,s2)뗚뛾ꆡꆡ=Pux-s1+s2+(1-P)u(y-s,죧맻놣쿕쫐뎡돵쪼뗄뻹뫢ힴ첬쫇Wilson믬1)춬뻹뫢(1),쪵탐잿훆놣쿕늻믡뛔뻹뫢뗄샠탍닺짺펰쿬,횻믡잿웈쿻럑헟릺싲룼뛠뗄놣쿕,떫춬퇹퓬돉ꆡꆡ죧맻춶놣죋쓜틔ꛐ(0<ꛐꇜ1)뗄럑싊릺싲떽쇋뗍럧쿕죋좺뢣샻뗄붵뗍ꆣ퓚헢킩럖컶훐,쯹닉놣쿕,늢쟒쾣췻톡퓱뫏쫊뗄놣떥쪵쿖킧폃ퟮ듳뮯,좡뗄랽램듳뛠쫇믹폚춼탎,뛸늻쫇믹폚뚨솿뗄럖퓲릹돉죧쿂폅뮯컊쳢:컶ꆣ헢킩믹폚춼탎뗄럖컶믹놾쫇쪾틢탔뗄,좱랦maxPux-s1+s2+(1-P)u(y-s1)s1,s2맦랶탔싛횤,죝틗듸살횱맛짏뗄컳닮,튲늻뇣폚뷸.탐뇈뷏뺲첬럖컶ꆣ틲듋,놾컄쫔춼퓚퇘폃Dahslby1=ꛐs2(2)쒣탍뗄믹뒡짏,붨솢튻룶쫽톧쒣탍,럖컶퓚듦퓚쓦(2)쪽뗄ퟮ폅뷢뗄튻뷗뇘튪쳵볾캪:톡퓱뗄놣쿕쫐뎡훐,쪵쪩잿훆놣쿕쫇럱믡듸살짧uꇤ(x-s1+s2)P=ꛐ믡뢣샻뗄룄뷸,듓뛸싛횤헾뢮훆뚨잿훆놣쿕헾닟uꇤ(y-s1)1-P1-ꛐs1=ꛐs2(3)뗄뺭볃톧믹뒡ꆣ평(3)쪽뿉뗃떽쿻럑헟뗄탨쟳몯쫽캪:놾컄뫳탸룷늿럖쓚죝낲업죧쿂:뗚뛾늿럖릹ꛐ=f(P,s2)(4)붨쇋탅쾢늻뛔돆놣쿕쫐뎡뗄짧믡뢣샻쒣탍,횤쏷ꆡꆡ탨쟳쟺쿟뗄탎ힴ붫좡뻶폚뛔킧폃몯쫽뗄볙쇋듋샠놣쿕쫐뎡듦퓚ퟅ쫐뎡쪧쇩,틲뛸헾뢮뗄룉짨ꆣ평폚춶놣죋뗄쯰쪧쯦ퟅ웤펵폐뗄돵쪼닆뢻뗄풤쫇뇘튪뗄;뗚죽늿럖럖컶쇋퓚듦퓚쓦톡퓱뗄놣퓶볓뛸퓶볓,틲뛸뿉틔볙짨웤킧폃몯쫽캪뻸뛔럧쿕쫐뎡훐,쪵쪩잿훆놣쿕뛔쳡룟쫐뎡킧싊뗄믽벫쿕맦뇜뛈늻뇤뗄:ퟷ폃;ퟮ뫳튻늿럖캪뷡싛벰햹췻ꆣzu(z)=-ꛁ-eꆡ(ꛁ>0)(5)뛾ꆢ탅쾢늻뛔돆놣쿕쫐뎡뗄붫(5)쪽듺죫(3)쪽,뿉뗃떽탨쟳몯쫽캪:ꛐ=Pꛁ(y-x-s)e2짧믡뢣샻럖컶1-P+Pꛁ(y-x-s)ꆡ(0ꇜs2ꇜy-x)e2(6)ꆡꆡ볙짨튻룶쿻럑헟뗄돵쪼닆뢻캪y,랢짺틢췢2.릩룸몯쫽쫂맊퓢쫜쯰쪧뗄룅싊캪P,쯰쪧뫳뗄닆뢻뛮캪x,볙짨놣쿕쫐뎡훐뗄놣쿕죋캪럧쿕훐탔뗄,쯻뿉볻,쯰쪧뛮y-x쫇쯦ퟅ돵쪼닆뢻뗄퓶볓뛸퓶쯹맘탄뗄쫇ퟔ짭뗄샻죳ꆣ놣쿕죋돶쫛튻럝놣떥룸볓뗄ꆣ쯻뿉틔춨맽쿲놣쿕릫쮾횧뢶놣럑s1(캪볲쫂맊랢짺룅싊캪P뗄춶놣죋,뿉틔믱뗃뗄웚췻샻떥웰볻,늻뾼싇뢽볓놣럑,틲듋s1쫇릫욽뺫쯣놣죳쫇:럑)살틆틢췢쫂맊듸살뗄쯰쪧ꆣ튻떩랢짺쯰쪧,V(P,s)=(1-P)s1+P(s1-s2)=s1-Ps2뿉틔믱뗃놣쿕릫쮾횧뢶뗄늹뎥캪s2(0ꇜs2ꇜy-(7)x)ꆣ쯹틔,컒쏇뿉틔폃(s2,s1)살쏨쫶튻룶놣떥ꆣꆡꆡ볙뚨놣쿕쫐뎡쫇췪좫뺺헹뗄,틲뛸쯹폐놣쿕죋죧맻쎻폐놣쿕,룃쿻럑헟뗄닆뢻퓚ꆰ쎻폐쫂맊ꆱ뫍뿉틔ퟔ평뷸돶ꆣ틲듋듓뎤웚살뾴,퓚뻹뫢ힴ첬쿂,ꆰ폐쫂맊ꆱ솽훖ힴ첬쿂쫇(y,x);죧맻릺싲쇋놣쿕,놣쿕쫐뎡훐쯹폐놣쿕죋뗄뺭볃샻죳뇘캪0,벴:ꆤꆡ44ꆤ
훜몣헤:잿훆놣쿕쓜럱쳡룟놣쿕쫐뎡킧싊s1=Ps2(8)ꆡꆡ죧맻늻뾼싇놣쿕죋뗄퓋펪돉놾,퓲뛔폚뻟폐쒳튻쳘뚨쯰쪧룅싊뗄춶놣죋뛸퇔,놣쿕죋뗄엢뢶뛮쫇만뚨늻뇤뗄ꆣ틲뛸놣쿕쫐뎡뗄뎤웚릩룸몯쫽쟺쿟쫇튻쳵쮮욽횱쿟,웤캻훃횻폫춶놣죋랢짺놣쿕쫂맊뗄룅싊폐맘,뿉뇭쪾캪:ꛐ=P(9)(뛾)늻춬쫐뎡뻹뫢ힴ첬쿂짧믡뢣샻뗄뇈뷏쿖퓚,볙짨놣쿕쫐뎡훐듦퓚솽샠춶놣죋,쯻쏇춼1ꆡ탅쾢췪좫뛔돆쿂놣쿕쫐뎡뗄뻹뫢뗄돵쪼닆뢻ꆢ틢췢쫂맊랢짺쪱쯰쪧뛮뚼쫇쿠춬뗄,캨튻늻춬뗄쫇쫂맊랢짺뗄룅싊ꆣ튻샠죋랢짺틢췢ꆡꆡ평폚놣떥Hs뫍Ls뚼캻폚놣쿕죋뗄쇣웚췻샻쫂맊퓢쫜쯰쪧뗄룅싊쫇PH,쇭튻샠죋뗄룅싊쫇죳쿟짏,쯹틔짺닺헟쪣폠캪0,짧믡뢣샻W1뻍뗈폚솽샠춶놣죋뗄쿻럑헟쪣폠횮뫍:PL(PH>PL),잰헟캪룟럧쿕춶놣죋,볙짨웤퓚ퟜ춶놣죋좺훐뗄뇈훘쫇ꛋH,뫳헟캪뗍럧쿕춶놣죋W1=ꛋHWHc1+ꛋLWLc1,뇈훘캪ꛋL(ꛋH+ꛋL=1)ꆣ=ꛋHꛁlny-x)(1-PH+PHꛁ(e)1.탅쾢췪좫뛔돆쿂뻹뫢놣쿕쫐뎡뗄뢣샻럖컶죧맻놣쿕쫐뎡훐탅쾢쫇췪좫뛔돆뗄,놣쿕릫+ꛋL(ꛁy-x)ln(1-PL+PLꛁe)-P(y-x)쮾뿉틔헽좷쟸럖춶놣죋훐쓄킩쫴폚룟럧쿕죋좺,(13)쓄킩쫴폚뗍럧쿕죋좺ꆣ폚쫇,놣쿕죋쿲쫂맊랢짺웤훐:P=ꛋHPH+ꛋLPL,듋쪱룟ꆢ뗍럧쿕춶놣죋믱룅싊캪Pi(i=Hii,L)뗄춶놣죋돶쫛뗄놣떥(s2,s1)뗃쇋좫늿뗄쿻럑헟쪣폠ꆣ펦룃싺ퟣ:2.탅쾢늻뛔돆쿂뻹뫢놣쿕쫐뎡뗄뢣샻럖컶maxPiiiiux-s1+s2+(1-Pi)u(y-s1)쟩탎1:쫐뎡뒦폚R2S럖샫뻹뫢ힴ첬iis,s12죧맻놣쿕죋늻쓜맛달떽춶놣죋뗄쫂맊랢짺룅.싊,놣떥벯뫏HL(s,s)뻍늻퓙쫇튻룶뺺헹뻹뫢ꆣ틲(1-Pii)s1+Piii(s1-s2)=0(10)뷢뗃HHLL캪듋쪱룟럧쿕춶놣죋믡쎰돤뗍럧쿕춶놣죋톡퓱놣:(s2,s1)=(y-x,PH(y-x)),(s2,s1)=떥Ls(y-x,PL(y-x)),틔쳡룟ퟔ짭뗄풤웚킧(y-x,PL(y-x))ꆣ헢룶뷢뇭쏷:룟ꆢ뗍럧쿕춶놣죋뚼쓜틔릫욽뺫쯣볛룱싲떽좫뛮놣쿕,듋쪱쫐폃ꆣ죧맻쫐뎡짏쯹폐뗄춶놣죋뚼릺싲룃놣떥,놣뎡듯떽뻹뫢쿕릫쮾뻍믡뿷쯰ꆣRothschild뫍Stiglitz(1976),룟럧쿕춶놣죋릺싲놣떥Hs,뗍럧쿕춶놣죋릺싲놣떥Ls(볻춼1),룟럧쿕춶놣죋뗄쿻죏캪,퓚헢훖쟩뿶쿂,놣쿕쫐뎡짏뗄뻹뫢놣떥벯뫏펦룃쫇HLꇤ럑헟쪣폠WHc1뫍뗍럧쿕춶놣죋뗄쿻럑헟쪣폠WL(s,s),죧춼2ꆣ쯻쏇뗄뷡싛뿉룅삨죧c1럖뇰캪쿂:(1)룟럧쿕헟믡릺싲좫뛮놣쿕Hs(y-x,:PH(y-x));(2)뗍럧쿕헟믡릺싲늿럖놣쿕WHc1=ꇒy-xPHꛁ(y-x-s)e2PHds201-PH+PHꛁ(y-x-s)-LꇤLꇤLꇤe2s(s2,s1);(3)뛔폚룟럧쿕헟뛸퇔H,놣떥s(y-x,PHLꇤLꇤLꇤ=1ꛁ-x)(y-x))뫍놣떥s(s2,s1)룸쯻쏇듸살뗄킧ln(1-PH+PHꛁ(ye)-PH(y-x)폃쫇쿠춬뗄;(4)쯹폐놣떥뗄샻죳뚼쫇0;(5)뻹(11)뫢폐쪱뫲믡늻듦퓚,떫죧맻듦퓚,뇘뚨쫇럖샫WLc1=ꇒy-xPLꛁ(y-x-s)e2L01-PL+PLꛁ(y-x-s)-Pds2e2뻹뫢ꆣ=1ꛁln(1-PL+PLꛁ(y-x)e)-PL(y-x)(12)ꆤꆡ45ꆤ
쟥뮪듳톧톧놨(헜톧짧믡뿆톧냦)쟩탎2:쫐뎡뒦폚Wilson믬춬뻹뫢ힴ첬죧맻놣쿕쫐뎡훐뗍럧쿕춶놣죋쫽솿듳듳뎬맽룟럧쿕춶놣죋,R2S뻹뫢뿉쓜믡늻듦퓚ꆣWilson(1977)쳡돶쇋퓚헢훖쟩뿶쿂뿉틔듦퓚믬춬뻹뫢,놻돆횮캪Wilson뻹뫢,죧춼3ꆣ놣쿕죋퓚쫐뎡욽뻹쇣웚췻샻죳쿟EF짏쿲솽샠춶놣죋쳡릩춬퇹뗄놣떥WWWs(s2,s1),놣쿕뷰뛮Ws2쫇평뗍럧쿕춶놣죋뻶뚨뗄,싺ퟣ:mꛁWW(1y-s))ax(-PL-)-e1+PL-ꛁ(x-s+Ws-e12WWs,s춼122ꆡ탅쾢늻뛔돆쿂놣쿕쫐뎡뗄R2S뻹뫢.ꆡꆡ틲캪놣떥Hs뫍Lꇤs뚼캻폚놣쿕죋뗄쇣웚췻샻ꛋHWs1-PHWs2+ꛋLWs1-PLWs2=0(17)죳쿟짏,쯹틔짺닺헟쪣폠죔캪0ꆣ룟럧쿕헟뗄뻹뿉뷢뗃:뫢뗣폫탅쾢췪좫뛔돆쪱튻퇹,쯹펵폐뗄쪣폠튲쿠W1P(1-PL)뗈s2=y-x-ꛁlnPL<y-x,벴듋쪱뗄룟럧쿕죋좺뗄쿻럑헟쪣폠WHc2=(1-P)WHc1;뗍럧쿕헟뗄쪣폠WLc2퓲뇤돉:(웤훐P=ꛋHPH+ꛋLPL)(18)WLc2=ꇒLꇤs2(DL-PL)ds20=1ꛁln(1-PL+PLꛁ(y-x)e)1Lꇤ-s)-ꛁln(1-PL+PLꛁ(y-xe2)-PLLꇤs2(14)ꆡꆡ헢쪱짧믡뢣샻W2캪:W2=ꛋHWHc2+ꛋLWLc2=ꛋH1y-x)ꛁln(1-PH+PHꛁ(e)-PH(y-x)춼3ꆡ탅쾢늻뛔돆쿂놣쿕쫐뎡뗄Wilson뻹뫢+ꛋL1ꛁln(1-PL+PLꛁ(y-x)e)ꆡꆡ틲캪놣쿕죋쫇룹뻝쫂맊랢짺뗄욽뻹룅싊좷뚨ꛁLꇤ릫욽볛룱,쿲솽샠늻춬럧쿕샠탍춶놣죋돶쫛춬튻(y-x-s2)Lꇤ-ln(1-PL+PLe)-PLs2(15)럝놣떥,쯹틔짺닺헟쪣폠죔좻쫇0ꆣ폫탅쾢췪좫뛔돆쪱뗄짧믡뢣샻(볻(13)쪽)쿠뇈,뗍럧쿕춶놣죋뗄쿻럑헟쪣폠WLc3뫍룟럧쿕춶닮뛮뗈폚:놣죋뗄쿻럑헟쪣폠WHc3럖뇰캪:LW-x-s)2-W1=ꛋꛁLꇤ()-ꛁln1y-x-s-PL+PLe22WLc3=ꇒWsꛁ(y2PLe01-PL+PLꛁ(y-x-s)-Pds2e2+ꛋLPLLꇤ(y-x-s2)(16)뿉틔횤쏷,(16)쪽킡폚0ꆣ헢쮵쏷,퓚탅쾢늻뛔돆=1ꛁln1-PL+PLꛁ(y-x)e뗄쟩뿶쿂,벴쪹놣쿕죋쓜짨훃돶튻훖믺훆,죃룟뗍1W-x-s)럧쿕헟춨맽죏릺늻춬샠탍뗄놣떥살ퟔ뚯쿔쪾쯻쏇-ꛁln1-PL+PLꛁ(ye2-PWs2뗄럧쿕샠탍(,뮹쫇믡틽웰짧믡뢣샻뗄쿂붵ꆣ19)ꆤꆡ46ꆤ
훜몣헤:잿훆놣쿕쓜럱쳡룟놣쿕쫐뎡킧싊Wꛁ(y-x-s)2WH2PHe튻뚨쫽뛮뗄놣쿕ꆣc3=ꇒs(01y-x-s)-Pd-PH+PHꛁs2e2(튻)쫐뎡뒦폚R2S뻹뫢쪱잿훆놣쿕뗄뢣샻룄뷸1=럖컶ꛁln1-PH+PHꛁ(y-x)eꆡꆡ볙짨놣쿕죋틔룟ꆢ뗍럧쿕춶놣죋랢짺틢췢쫂ꆡ1W(-ꛁy-x-s)ln1-PH+PHꛁWe2-Ps맊뗄욽뻹룅싊캪릫욽볛룱쳡릩잿훆놣쿕,벴ꛐ=2P,놣쿕뷰뛮평헾뢮맦뚨캪cLꇤcs2(s2ꇜs2<y-x),쟒(20)붫솽샠춶놣죋뗄쪣폠쿠볓,뿉뗃짧믡뢣샻퓊탭놻놣쿕죋퓚릺싲잿훆놣쿕뫳룹뻝탨튪퓙릺싲늿럖짌튵놣쿕ퟷ캪늹돤ꆣ죧맻뗍럧쿕헟릺싲뗄ퟜW3캪:놣쿕뷰뛮캪Lꇥs2,퓲쯻쯹릺싲뗄늹돤짌튵놣쿕뗄뷰W3=ꛋHWHc3+ꛋLWLc3=ꛋ뛮캪Lꇥcs2-s2;춬퇹,죴룟럧쿕헟릺싲뗄ퟜ놣쿕뷰뛮H(ꛁy-x)ln1-PH+PHꛁe캪Hꇥs2,퓲쯻쯹릺싲뗄늹돤짌튵놣쿕뗄뷰뛮캪Hꇥs2c-s2ꆣ죧Dahlby(1981)쯹쫶,듋쪱뛔늹돤짌튵놣-ln1-PHW+PHꛁ(y-x-s)e2쿕뷰뛮뗄톡퓱펦싺ퟣ:max(1-PLHꇥ)uy-Pcs2-PLLꇥc+ꛋL(ꛁs2-s2)ln1-PL+PLꛁ(y-x)ecLꇥcs-s,s-s2222W-x-s)-ln1-PL+PLꛁ(ye2ꆡ+PLcꇥcux+(1-P)s-PWs2+(1-PLL)(s2-s2).(21)Hꇥc폫탅쾢췪좫뛔돆쪱뗄짧믡뢣샻(1-PH)uy-Pcs2-PH(s2-s2)(볻(13)쪽)쿠뇈,닮뛮캪ꆡ+PHux+(1-Pc)s2+(1-PHHꇥc)(s2-s2):WWꆡꇝc(1-PH)uy-Pcs2-PLLꇥ(s2-s)2)3-W1=ꛋH-ꛁln1-PH+PHꛁ(y-x-se2ꆡ+PHcux+(1-P)s2+(1-PLLꇥc)(s2-sꛋ2)LW)-ꛁln1-PL+PLꛁ(y-x-se2ꆡꆤꛋHPcs2+PHHꇥc(s2-s2)-PHHꇥs2ꆡ+ꛋLPccs2+PLLꇥ(s2-s2)-PLLꇥs2=0(23)-PWs2+P(y-x)(22)ꆡꆡ뿉틔횤쏷뿉뗃:,(22)쪽킡폚0,쮵쏷퓚탅쾢늻뛔돆Hꇥ뗄놣쿕쫐뎡훐,죧맻늻쟸럖춶놣죋뗄럧쿕샠탍,뷶s2=y-x돶쫛튻훖놣떥쯹탎돉뗄믬춬뻹뫢춬퇹믡퓬돉짧믡Lꇥs2<y-x(24)뢣샻뗄쿂붵ꆣ벴룟럧쿕헟믡릺싲좫뛮놣쿕,뗍럧쿕헟퓲뗃떽늿뷡싛ꆡ듓짏쫶럖컶뿉틔뗃돶:퓚탅쾢늻뛔돆럖놣쿕ꆣ죧춼4,떱쯹폐춶놣죋퓚릺싲쇋잿훆놣뗄쟩뿶쿂,놣쿕쫐뎡벴쪹쓜듯떽뻹뫢,웤짧믡뢣샻쿕ccs(s2,Pcs2)뫳,컒쏇뿉쫓캪ퟔ놣뗣듓뗣E틆튲늻쫇ퟮ병뗄,벴듦퓚ퟅ쫐뎡쪧쇩ꆣ떽뗣cccs(y-Ps2,x-Pcs2+s2)ꆣ퓚탂뗄ퟔ놣뗣짏뢴훆풭살뗄R2S뻹뫢,벴뿉뗃떽탂뗄뻹뫢뗣죽ꆢ잿훆놣쿕뛔짧믡뢣샻룄뷸뗄럖컶캪HꇥLꇥ:s,s,솽샠춶놣죋뗄놣쿕뷰뛮뫍횧뢶뗄놣럑럖뇰캪y-x,PH(y-x)-(PH-Pc)s2떱탅쾢늻뛔돆뗄놣쿕쫐뎡훐듦퓚쓦톡퓱쪱뫍Lꇥs2,PLLꇥs2+(Pc-PL)s2ꆣ,춶놣죋쳘뇰쫇뗍럧쿕춶놣죋횻쓜릺싲떽늻ퟣ뛮놣컒쏇쫗쿈살뾴튻쿂퓚헢룶탂뗄뻹뫢ힴ첬쿂,쿕룟럧쿕헟춶놣죋뗄쿻럑헟쪣폠WH,듓뛸퓬돉쯻쏇뗄쿻럑헟쪣폠쿂붵;뛸쟒,튻떩c4:랢짺쯰쪧,죧맻놣헏뛮뛈늻릻,믡쪹쯻쏇냑쿠맘돉c놾볞룸쯻죋믲짧믡,듓뛸쪹짧믡ퟜ럧쿕돉놾퓶WH2c4=ꇒs(DH-P)ds2+ꇒy-x(DH-PH)ds2c0s2볓ꆣ캪쇋쓜복짙믲늿럖복짙짧믡ퟜ럧쿕돉놾,헾뢮춨뎣믡뛔쒳킩놣쿕,죧믺뚯뎵솾뗚죽헟퓰죎놣=1ꛁHꛁ(y-x)ln1-PH+Pe쿕ퟶ돶잿훆춶놣뗄맦뚨,벴튪쟳쿻럑헟뇘탫릺싲-PHc(y-x)+(PH-P)s2(25)ꆤꆡ47ꆤ
쟥뮪듳톧톧놨(헜톧짧믡뿆톧냦)뗍럧쿕죋좺쯹햼뇈훘뗄붵뗍뫍맦뚨뗄잿훆놣쿕뗄놣쿕뷰뛮뗄퓶볓,(28)쪽킡폚0벴뗍럧쿕헟쿻럑헟쪣폠쿂붵뗄뿉쓜탔믡퓶볓ꆣ붫(27)쪽훐뗄ퟮ뫳튻쿮폫(25)쪽뗄ퟮ뫳튻쿮쿠뇈,늢뾼싇떽놣쿕쫐뎡짏룟뗍럧쿕죋좺뗄뇈훘,뿉뗃:-ꛋL(P-PLc)s2+ꛋH(PHc-P)s2=0(29)뿉볻,룟럧쿕헟쿻럑헟쪣폠뗄퓶볓뛮헽쫇살풴폚뗍럧쿕헟쿻럑헟쪣폠뗄쯰쪧,쮵쏷뗍럧쿕헟뛔룟럧쿕헟뷸탐쇋늹쳹ꆣ춼4ꆡ쪵쪩잿훆놣쿕뫳뗄R2S뻹뫢뛔폚놣쿕죋살쮵,틲캪잿훆놣쿕뗄볛룱쫇내폫컞잿훆놣쿕쪱R2S뻹뫢ힴ첬쿂룟럧쿕헟뗄쿻헕룟ꆢ뗍럧쿕헟랢짺틢췢쫂맊뗄욽뻹룅싊P좷뚨럑헟쪣폠(볻(11)쪽)쿠뇈,웤닮뛮뗈폚:뗄,늹돤짌튵놣쿕뗄볛룱쫇내솽샠놻놣쿕죋룷ퟔWHc4-WHc2=(PH-Pc)s2>0(26)랢짺틢췢쫂맊뗄룅싊럖뇰좷뚨뗄,쯹틔짺닺헟쪣ꆡꆡ평(26)쪽뿉횪,떱헾뢮맦뚨쇋잿훆놣쿕헾폠캪0ꆣ쯹틔,헢쪱뗄짧믡뢣샻W4뗈폚:닟뫳,룟럧쿕헟뗄쪣폠퓶볓쇋ꆣ웤풭틲쫇쯻쏇W4=ꛋLWLc4+ꛋHWHc4늻뷶쓜틔뗍폚ퟔ짭릫욽볛룱PH뗄볛룱P릺싲떽놣뛮캪cs2뗄놣헏,뛸쟒,쓜릻퓙릺싲뛮뛈캪=ꛋLyꛁln1-PL+PLꛁ(y-x)ec-x-sꛋLLꇥ2뗄짌튵놣쿕,틔뷢뻶잿훆놣쿕뗄놣헏뛮y-x-s)-ꛁln1-PL+PLꛁ(e2-ꛋLPLLꇥs2뛈늻릻뗄컊쳢ꆣ뗍럧쿕헟뗄쿻럑헟쪣폠WLc4퓲캪:+ꛋHꛁln1-PH+PHꛁ(y-x)eWL-ꛋHPH(y-x)(30)c4=ꇒcs2(DL2-P)ds2+ꇒLꇥs(DL-PL)dsc20s2폫캴쪵쪩잿훆놣쿕쪱R2S뻹뫢ힴ첬쿂뗄짧믡뢣=1ꛁln1-x)-PL+PLꛁ(ye샻(볻(15)쪽)쿠뇈,웤닮뛮뗈폚:WLꇤ-x-s)-PL+PLꛁ(y4-W2=ꛋL1LꇥL-ꛁln1-P+PLꛁ(y-x-s)e2ꛁln1e2ꛋLꇥc)-PLLs2-(P-PL)s2(27)-ꛁln1-PL+PLꛁLꇥ(y-x-se2폫캴쪵쪩잿훆놣쿕쪱R2S뻹뫢ힴ첬쿂뗍럧쿕헟ꇥLꇤ뗄쿻럑헟쪣폠(볻-ꛋLPLL(s2-s2)(31)(14)쪽)쿠뇈,웤닮뛮캪:ꆡꆡ뿉틔횤쏷:(31)쪽듳폚0,뇭쏷쪵쪩쇋잿훆놣WLꛁLꇤ(y-x-s)2c4-WLc2=1ꛁln1-PL+PLe쿕뫳,쯤좻뗍럧쿕춶놣죋뗄쿻럑헟쪣폠뿉쓜믡쿂붵,떫ퟜ믡쪹룟럧쿕춶놣죋뗄쿻럑헟쪣폠벰짧믡1Lꇥ-ꛁln1-PL+PLꛁ(y-x-s)e2뢣샻퓶볓ꆣ-PLLꇥLꇤ(s틲듋,죧맻쓜붫잿훆놣쿕뗄놣쿕뷰뛮뚨퓚튻2-s2)-(P-PLc)s2(28)룶쫊떱뗄뛮뛈,죧죃쯼뗈폚쓜죃뗍럧쿕죋좺믱뗃죝틗횤쏷(28)쪽폒뛋잰죽쿮ퟩ돉뗄늿럖캪헽,헻ퟮ룟킧폃뗄쫽뛮c1P(1-PL):s2=y-x-룶쪽ퟓ뗄헽뢺쟩뿶퓲쫓ꛁlnPL(1-,뛸P)(P-PLc)s2뗄듳킡뛸뚨ꆣ쟒퓊탭춶놣죋릺싲뛮췢뗄짌튵놣쿕ퟷ캪늹돤,퓲평d(P-PLc)s2dꛋL=-(PH-PLc)s2<0뫍늻뷶쓜쪹짧믡뢣샻짏짽,쟒쯤좻뿉쓜쪹뗍럧쿕춶d놣죋뗄쿻럑헟쪣폠복짙,떫튲쓜붫쯰쪧뛮뿘훆퓚(P-PLc)s2c=P-PL>0뿉횪,쯦ퟅ놻놣쿕죋훐ds튻룶ퟮ킡랶캧쓚,듓뛸쪹짧믡뢣샻쪵쿖뾨뛻뛠룄2ꆤꆡ48ꆤ
훜몣헤:잿훆놣쿕쓜럱쳡룟놣쿕쫐뎡킧싊뷸짵훁쫇엁샛췐룄뷸ꆣꆡꆡꆡꆡ-PH(y-x)+(PH-Pc)s2(33)(뛾)쫐뎡뒦폚Wilson뻹뫢쪱잿훆놣쿕뗄뢣샻룄폫컞잿훆놣쿕쪱Wilson뻹뫢ힴ첬쿂룟럧쿕뷸럖컶헟뗄쿻럑헟쪣폠(볻(20)쪽)쿠뇈,웤닮뛮캪:ꆡꆡ볙짨헾뢮맦뚨뗄잿훆놣쿕뗄놣뛮쫇WWs2ꇜcs2<WHc5-WHc3=1ꛁln1y-x-s)-PH+PHꛁ(e2y-x,쟒퓊탭놻놣쿕죋퓚릺싲잿훆놣쿕뫳룹뻝탨튪퓙릺싲늿럖짌튵놣쿕ퟷ캪늹돤ꆣ죧맻뗍럧쿕헟-PHccWy-x-s2-Ps2-s2릺싲뗄ퟜ놣쿕뷰뛮캪(34)cLs2,퓲쯻쯹릺싲뗄늹돤짌튵놣쿕뗄뷰뛮캪ꆡ뿉틔횤쏷,(34)쪽퓚Ws2ꇜcs2<y-x쪱듳폚cLcs2-s2;춬퇹,죴룟럧쿕헟릺싲뗄ꆡ0,쮵쏷잿훆놣쿕믡쪹룟럧쿕춶놣죋뗄쿻럑헟쪣폠ퟜ놣쿕뷰뛮캪cHs2,퓲쯻쯹릺싲뗄늹돤짌튵놣쿕뗄퓶볓;쟒쯦ퟅ잿훆놣쿕놣뛮뗄퓶볓,룟럧쿕춶놣죋뷰뛮캪cHcs2-s2ꆣ폫쫐뎡뒦폚R2S뻹뫢쪱튻퇹,듋쯹쓜믱뗃뗄쿻럑헟쪣폠튲믡퓶볓ꆣ쪱춬퇹폐:듋쪱뗍럧쿕헟뗄쿻럑헟쪣폠WLc5퓲캪:cHs2=y-x(32)cLWLc5=s2<y-xꇒcs2(DL-P)ds2+0ꇒcLs2(DL-PL)ds2cs2벴룟럧쿕헟믡릺싲좫뛮놣쿕,뗍럧쿕헟퓲뗃떽늿럖놣쿕ꆣ죧춼5,떱쯹폐춶놣죋퓚릺싲쇋잿훆놣=1ꛁ(ꛁlny-x)(1-PL+PLe)쿕ccs2(s2,Pcs2)뫳,컒쏇뿉쫓캪ퟔ놣뗣듓뗣E1ꛁcL(ny-x-s)-ꛁl(1-PL+PLe2)틆떽뗣cs(y-Pccs2,x-Ps2+cs2),퓚듋믹뒡짏릺싲뗄짌튵놣쿕퓲쫇튻룶럖샫뻹뫢ꋙ,탂뗄뻹뫢뗣cL-PLs2-(P-PLc)s2(35)캪cHcL폫캴쪵쪩잿훆놣쿕쪱Wilson뻹뫢ힴ첬쿂뗍럧쿕:s,s,솽샠춶놣죋뗄놣쿕뷰뛮뫍횧뢶뗄놣럑럖뇰캪헟뗄쿻럑헟쪣폠(볻(19)쪽)쿠뇈,웤닮뛮캪:y-x,PHc(y-x)-(PH-P)s2뫍WcLcLs2,PLs2+(P-PLc)s2ꆣWLc5-WLc3=1ꛁln(1y-x-s)-PL+PLꛁ(e2)1cL)-ꛁLꛁ(y-x-sln(1-PL+Pe2)-PLcLcW(s2-s2)-Pc(s2-s2)(36)ꆡꆡ뿉틔횤쏷,떱cs2=Ws2쪱,(36)쪽듳폚0;떱cs2>Ws2쪱,(36)쪽뗄헽뢺쟩뿶퓲늻좷뚨,쮵쏷죧맻잿훆놣쿕뗄놣뛮폫쫐뎡듯떽Wilson뻹뫢쪱뗄놣뛮쿠뗈,뗍럧쿕헟뗄쿻럑헟쪣폠믡퓶볓;떫죧맻헾뢮냑잿훆놣쿕뗄놣쿕뷰뛮뚨뗃맽룟,퓲폐춼5ꆡ쪵쪩잿훆놣쿕뫳뗄Wilson뻹뫢(1)뿉쓜믡틽웰뗍럧쿕놻놣쿕죋쿻럑헟쪣폠쿂붵ꆣ퓚헢룶탂뗄뻹뫢ힴ첬쿂,룟럧쿕헟춶놣죋뗄춬퇹,틲캪잿훆놣쿕뗄볛룱쫇내헕룟ꆢ뗍럧쿕쿻럑헟쪣폠WHc5뗈폚:춶놣죋랢짺틢췢쫂맊뗄욽뻹룅싊P좷뚨뗄,늹돤짌튵놣쿕뗄볛룱쫇내솽샠놻놣쿕죋룷ퟔ랢짺틢췢WHc5=ꇒcs2(DH-P)ds2+0ꇒy-x(DH-PH)dsc2s2쫂맊뗄룅싊럖뇰좷뚨뗄,맊짺닺헟쪣폠죔캪0ꆣ=1ꛁ쯹틔,헢쪱짧믡뢣샻캪:ln1-PH+PHꛁ(y-x)eꋙ틲캪Wilson뻹뫢뗣쫇뗍럧쿕헟뗄킧폃쟺쿟폫쫐뎡릫욽볛룱놣쿕쿟뗄쟐뗣,죧춼322,캨튻좷뚨캪Ws,틲뛸릺싲늹돤짌튵놣쿕쪱늻뿉쓜퓙탎돉Wilson뻹뫢ꆣꆤꆡ49ꆤ
쟥뮪듳톧톧놨(헜톧짧믡뿆톧냦)WL5=ꛋLWc5+ꛋHWHc5쫗쿈,평폚탅쾢늻뛔돆뗄놣쿕쫐뎡훐듦퓚쓦ꛋL톡퓱쿖쿳,벴쪹쫐뎡듯떽쇋뻹뫢,컞싛쫇R2S럖=ꛁln(1-PL+PLꛁ(y-x)e)샫뻹뫢뮹쫇Wilson믬춬뻹뫢,뚼믡퓬돉짧믡뢣샻ꆡꛋLcLꛁ)L-ln(1-PL+PLꛁ(y-x-se2)-ꛋLPLcs쿂붵,벴쫐뎡킧싊뗄붵뗍ꆣ2웤듎,잿훆놣쿕뗄쪵쪩폐샻폚짧믡뢣샻뗄룄ꆡꛋH+ꛁln(1-PH+PHꛁ(y-x)e)짆,뿉틔늿럖뗘쿻돽쓦톡퓱쯹퓬돉뗄쫐뎡쪧쇩ꆣꆡ뻟쳥뷡싛죧쿂:-ꛋHPH(y-x)(37)폫컞잿훆놣쿕쪱Wilson뻹뫢ힴ첬쿂뗄짧믡뢣샻(1)죧맻쫐뎡뒦폚R2S럖샫뻹뫢ힴ첬,쪵쪩잿훆놣쿕믡쪹룟럧쿕춶놣죋뗄쿻럑헟쪣폠짏짽,(볻(21)쪽)쿠뇈,웤닮뛮캪:W쯤좻뗍럧쿕춶놣죋뗄쿻럑헟쪣폠폐뿉쓜믡쿂붵,Wx-s)5-W3=ꛋLꛁln(1-PL+PLꛁ(y-e2)떫짧믡뢣샻뿉틔뗃떽룄짆ꆣ헢쪱,헾뢮펦톡퓱튻ꛋLcL-x-s)룶쫊떱뗄잿훆놣쿕뷰뛮,죃뗍럧쿕춶놣죋뗄쿻럑-ꛁln(1-PLꛁ(ye2)헟쪣폠쿂붵횵듯떽ퟮ킡ꆣ+ꛋHꛁln(1-PH+PHꛁW(y-x-s)e2)(2)죧맻쫐뎡뒦폚Wilson믬춬뻹뫢ힴ첬,쪵쪩잿훆놣쿕믡쪹룟럧쿕춶놣죋뗄쿻럑헟쪣폠짏-ꛋLPLcLWW(s2-s2)-ꛋHPH(y-x-s2)짽,쯤좻쯦ퟅ잿훆놣쿕놣뛮cWs2(s2ꇜcs2<y-x)뗄(38)퓶볓,뗍럧쿕춶놣죋뗄쿻럑헟쪣폠폐뿉쓜믡쿂붵,ꆡꆡ뿉틔횤쏷,(38)쪽듳폚0,쮵쏷죧맻놣쿕쫐뎡떫짧믡뢣샻퓲뿉틔뗃떽룄짆ꆣ쳘뇰쫇죧맻헾뢮죃뒦폚Wilson뻹뫢ힴ첬,닉좡뿉틔릺싲늹돤짌튵놣잿훆놣쿕뗄놣쿕뷰뛮뗈폚쫐뎡듯떽Wilson뻹뫢쿕뗄잿훆놣쿕헾닟쓜쪹짧믡뢣샻퓶볓ꆣ쳘뇰쫇죧ힴ첬쪱뗄놣쿕뷰뛮벴cWs2=s2,뮹믡쪹짧믡뢣샻듯맻잿훆놣쿕뗄놣쿕뷰뛮뗈폚쫐뎡뒦폚Wilson뻹떽엁샛췐룄뷸ꆣ뫢ힴ첬쪱뗄놣쿕뷰뛮,룟뗍놻놣쿕죋뗄쿻럑헟쪣컄헂뗄럖컶죔좻뻖쿞폚췪좫뺺헹뗄놣쿕쫐폠벰짧믡뢣샻뚼믡퓶볓,듓뛸쪹짧믡뢣샻듯떽엁뎡,쟒볙짨늻춬럧쿕샠탍뗄춶놣죋뗄킧폃몯쫽쫇샛췐룄뷸,죧춼6ꆣ쿠춬뗄,틔벰쯻쏇뚼쫇뻸뛔럧쿕맦뇜뛈늻뇤뗄ꆣ퓚틔뫳뗄퇐뺿훐,컒쏇뿉틔훰붥럅쯉헢킩볙짨,죧럖컶늻췪좫뺺헹뗄놣쿕쫐뎡,쟒늻춬럧쿕샠탍뗄춶놣죋펵폐늻춬뗄킧폃몯쫽ꆣ뛸쟒,뮹뿉틔뷸튻늽럖컶뛔폚쒳킩뻟폐헽췢늿탔뗄쿕훖,쪵쪩잿훆놣쿕쫇럱쓜룼뫃뗘랢믓쯻쏇뗄ퟷ폃,쳡룟짧믡뢣샻ꆣ듋췢,죧뫎톡좡쫊떱뗄뇤솿벰쫽뻝,뛔놾컄뗃돶뗄쿠맘뷡싛뷸탐쪵횤볬퇩,튲쫇쪮럖뻟폐쳴햽탔뗄뿎쳢ꆣ닎뾼컄쿗:춼6ꆡ쪵쪩잿훆놣쿕뫳뗄Wilson뻹뫢(2)[1].,OverinsuranceandPublicProvisionofinsurance:theRoleofMoralHazardandAdverseSe2쯄ꆢ뷡싛뫍햹췻,1974,,:4462.춨맽뛔탅쾢늻뛔돆뗄놣쿕쫐뎡뒦폚늻춬뻹뫢[2].,OverinsuranceandPublicProvisionofinsurance:ힴ첬쿂,틔벰쪵쪩잿훆놣쿕잰뫳뗄짧믡뢣샻뗄뇈nomics,1978,,:693696.뷏럖컶,놾컄뗃돶쇋틔쿂뷡싛:[3].,ChoiceofCompulsoryInsuranceꆤꆡ50ꆤ
훜몣헤:잿훆놣쿕쓜럱쳡룟놣쿕쫐뎡킧싊,,1977,,Fall:,12:167207.[4].,AdverseSelectionandParetoImprove2[7]Spence,M.,,,1981,,:,10:427477.[5]RothschildM.,.,EquilibriuminCom2[8].,InformationProblemsRegulationinpetitiveInsuranceMarkets:,,1976,,:629649.(퓰죎뇠벭:뿯ꆡ퓆)[6]WilsonC.,AModelofInsuranceMarketswithIn2WhetherCompulsoryInsuranceCanImproveMarketEfficiencyZHOUHai2zhen(SchoolofEconomicsandManagement,TsinghuaUniversity,Beijing10084,China)Abstract:Usingsocialwelfareasanindexofmarketefficiency,,thearticletestifiesthatthein2surancemarketwithinformationasymmetryisamarketwithmulfunction;andthen,comparingdiffer2enceofthesocialwelfarebetweenbeforeandafterimplementingcompulsoryinsurance,thearticleshowsthatcompulsoryinsurancecancontributetoimprovingsocialwelfare,:informationasymmetry;compulsoryinsurance;socialwelfare;marketefficiencyꆤꆡ51ꆤ
