Table 3. Range of efficiency and distributional consequences of unisex pricing.

Estimates are based on the model and algorithm described in Section 3. Columns labeled MWS refer to the high efficiency cost/low redistribution end of the range of possible consequences of a ban on gender-based pricing. This obtains if the market implements the Miyazaki (1977), Wilson (1977), Spence (1978) equilibrium when gender-based pricing is banned. Columns labeled SS refer to the zero efficiency cost/high redistribution end of the range. This obtains if the market implements a pooled-fair full insurance “Social Security-like” outcome when gender-based pricing is banned. The MWS contracts are computed using Eq. (5) and the risk type-distributions estimated in Table 1, pooled across genders. Columns (1)–(6) are computed using Eq. (14) and columns (9)–(10) are computed using Eq. (15).

Relative risk aversion	Required per-person endowment needed to achieve utility level from non-categorizing equilibrium when categorization is allowed								Redistribution to women (R̃W), per woman, % of endowment		Efficiency cost per dollar of redistn
	Women (EW)		Men (EM)		Total population(E)		Efficiency cost as % of total endowment
	MWS	SS	MWS	SS	MWS	SS	MWS	SS	MWS	SS	MWS
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)
γ=1	1.020	1.071	0.979	0.929	0.9996	1	0.038%	0%	2.08%	7.14	3.66%
γ=3	1.033	1.071	0.966	0.929	0.9998	1	0.025	0	3.39	7.14	1.45
γ=5	1.040	1.071	0.959	0.929	0.9998	1	0.018	0	4.06	7.14	0.89