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Microsoft Word - cpbdoc96
... purchased annuities through advisors are found to achieve lower pay-outs than consumers who purchased directly from life insurers. this ... entry barriers may derive from several sources. first, efficient risk management requires scale and scope. this follows immediately from the ... will not benefit from this cross-subsidy. failure to buy impaired annuities impaired life annuities are life annuities for ...
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Microsoft Word - memo broadband 8dec05.doc
... infrastructure, giving entrants incentives to make efficient make-or-buy decisions. in addition, the threat of infrastructure competition in ... is unable to follow and, hence, brown-outs or even black-outs result. in telecommunication negative externalities arise as ... incur significant costs due to economies of scope between network management and service provision. the choice of the degree of ...
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