Are Terrorism Risks Really Uninsurable?

The terrorist attacks of Sept. 11 are expected to result in over$40 billion in insured losses, and thus constitute the largestinsured loss on record.

One month later, on Oct. 11, the Nobel prize for economics wasawarded to three Americans–George Akerlof of Berkeley, MichaelSpence of Stanford, and Joseph Stiglitz of Columbia–for their workon the role of information in markets.

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