Recent Competition in Japanese Life Insurance Industry
نویسندگان
چکیده
This paper examines transition in the level of competition in the Japanese life insurance industry over the last ten years. We estimate the first order condition for profit maximizing insurance oligopolies to obtain the degree of non-competition and collusion. Estimation results suggest: 1) mutual companies, like stock companies, seek to maximize their own profits rather than pay out dividends to policyholders, 2) the degree of non-competition has fallen since 1995, and 3) the degree of non-competition and collusion among incumbent firms are higher compared with that of the whole industry. JEL Classification Number: G22, L13, L21
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