Research Areas
Insurance economics and finance; health care finance; risk management
Current Projects
Capital decisions and capital adequacy in insurance and reinsurance markets; product and capital market discipline in insurance and reinsurance markets; price volatility in liability insurance markets
Representative Publications
(with G. Niehaus)
"Capital, Corporate Income Taxes, and Catastrophe Insurance." Journal of Financial Intermediation 12: 365-389 (October 2003).
(with P. Danzon)
"Workers’ Compensation Rate Regulation: How Price Controls Increase Costs.” Journal of Law & Economics 44: 1-36 (April 2001).
(with G. Niehaus)
"Race, Redlining, and Automobile Insurance Prices." Journal of Business 71: 433-469 (July 1998).
(with P. Danzon)
"Price Cutting in Liability Insurance Markets." Journal of Business 67: 511-538 (October 1994).
Education
PhD, University of Illinois at Urbana-Champaign, 1979; MS, University of Illinois at Urbana-Champaign, 1976; AB, University of Illinois at Urbana-Champaign, 1975
Recent Consulting
Vertical integration by automobile insurers into collision repair; Liability insurers’ obligations in asbestos-related bankruptcies; Interpretation of general liability insurance policies; Disparate impact and business necessity issues in insurance pricing and underwriting
Career and Recent Professional Awards; Teaching Awards
Shin Award for Research Excellence, International Insurance Society Meeting, 2001; Spencer L. Kimball Award for article in Journal of Insurance Regulation, 1999; Moore School of Business Distinguished Researcher Award, 1998; Robert I. Mehr Award, 1998, from the American Risk and Insurance Association for Journal of Risk and Insurance article published in 1988 with the greatest ten-year impact in the field of risk and insurance; Alpha Kappa Psi - Spangler Award, 1996, from the American Risk and Insurance Association for Journal of Risk and Insurance article published in 1986 with the greatest ten-year impact; Robert C. Witt Research Award, 1996, for best article in the 1995 volume of the Journal of Risk and Insurance
Alpha Kappa Psi - Spangler Award, 1995, from the American Risk and Insurance Association for Journal of Risk and Insurance article published in 1985 with the greatest ten-year impact
Academic Positions Held
Wharton: 2004-present; 1978-88 (named Alan B. Miller Professor, 2005). Previous appointments: Moore School of Business, University of South Carolina
Professional Leadership 2005-2009
Associate Editor, Journal of Risk and Insurance, 1985-present; Board of Advisors, Regulation: Cato Review of Business and Government, 1999-present
Corporate and Public Sector Leadership 2005-2009
Shadow Financial Regulatory Committee, 1998-present; Funded Consumer Liaison, National Association of Insurance Commissioners, 2004; Adjunct Scholar, the Cato Institute, 2002-present
