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Although selected employee characteristics matter, the t-tests in Table I reaffirm that two strongest predictors of a firm’s insurance offer decision are its size and industry. Therefore, we aim for a better understanding of these two dimensions. About 70%of firms that have only one or two permanent employees do not offer health insurance. Figure 1 illustrates that not offering insurance is especially common among very small firms, with proportion of firms not offering insurance stabilizing at 30–50 employees. This size pattern is not explained by the industry mix of small firms: Figures 2 and 3 reveal that firm size remains a strong predictor of whether firms. | Automobile Accidents Tort Law Externalities and Insurance An Economist s Critique William Vickrey Columbia University Originally published in Law and Contemporary Problems Vol. 33 1968 pp. 464-87. Posted with permission. Preface - By Todd Litman This is a seminal article concerning traffic accident cost analysis and vehicle insurance pricing reform by Professor William Vickrey winner of the 1996 Nobel Prize for economics. It describes how to determine the marginal accident costs of vehicle travel identifies several problems associated with current insurance pricing and compensation practices and proposes innovative solutions. It recommends distance-based pricing that is basing premiums directly on annual vehicle mileage. In recent years there has been increasing interest in this idea including pilot projects and legislation intended to promote implementation of distance-based insurance pricing. Professor Vickrey made several important contributions to the field of transportation economics. He was particularly interested in marginal-cost pricing and its application to transit fares traffic congestion and road use. He was able to show that such pricing tends to increase both efficiency and equity. Vickrey was more than simply a theoretician he was interested in developing practical mechanisms for implementing pricing reforms including the need to compromise when needed between a theoretical optimum and various technical and political constraints. This paper applies these concepts to accident costs and insurance pricing. I find this paper both challenging and enjoyable to read. The concepts are complex and the wording is dense but Professor Vickrey described each issue clearly using clever examples to illustrate many points. The analysis is far-sighted. Thirty-five years after its initial publication the full importance of this article can be appreciated. Sadly the concepts have yet to be widely applied. Acknowledgements Thanks to Richard Arnott and David D. Menzies .
