Table 4. Efficiency and distributional effects of ban on gender-based pricing in restricted models.

Unrestricted (Baseline) Model calculations are as in Table 3. The Restricted Contracts Model calculations are described in Section 6.2. In the Restricted Contracts Model, firms can only offer contracts with constant escalation or declination rates. In the No Savings Model, individuals are assumed to have no access to savings technology. Redistribution and efficiency metrics are described in Eqs. (15) and (14), respectively. ‘MWS’ refers to the Miyazaki (1977), Wilson (1977), Spence (1978) equilibrium. This is the constrained efficient market outcome with the least redistribution. ‘SS’ refers to the constrained efficient market outcome with pooling of risk types. This is the constrained efficient outcome with the highest amount of redistribution that we consider); it loosely corresponds to banning gender-based pricing in a compulsory Social Security setting.

	Redistribution to women (R̃W), per woman (as % of endowment)		Efficiency cost as % of endowment
	MWS	SS	MWS	SS
	γ=1
Unrestricted (baseline) model	2.0838	7.14	0.0381	0
No savings model	0	7.14	0	0
Restricted contracts model	1.3326	7.14	0.1000	0
	γ=3
Unrestricted (baseline) model	3.3874	7.14	0.0246	0
No savings model	0	7.14	0	0
Restricted contracts model	2.2504	7.14	0.1358	0
	γ=5
Unrestricted (baseline) model	4.0549	7.14	0.0180	0
No savings model	0	7.14	0	0
Restricted contracts model	2.8690	7.14	0.1352	0