Insurance

Download Contributions to Insurance Economics by Christian Gollier (auth.), Georges Dionne (eds.) PDF

By Christian Gollier (auth.), Georges Dionne (eds.)

For a couple of years, i've been educating and doing examine within the economics of uncertainty, details, and assurance. even though it is now attainable to discover textbooks and books of essays on uncertainty and in­ formation in economics and finance for graduate scholars and researchers, there's no similar fabric that covers complicated examine in assurance. the aim of this booklet is to fill this hole in literature. It presents unique surveys and essays within the box of assurance economics. The contributions provide uncomplicated reference, new fabric, and educating supple­ ments to graduate scholars and researchers in economics, finance, and assurance. It represents a supplement to the booklet of readings entitled Foundations of assurance Economics - Readings in Economics and Finance, lately released by way of the S.S. Huebner beginning of assurance schooling. In that publication, the editors (G. Dionne and S. Harrington) disseminate key papers within the literature and submit an unique survey of significant contributions within the field.

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Sample text

2. The Supply of Liability Insurance The effects of liability rules and insurance on resources allocated to risk reduction and the total cost of risk depend on the structure, performance, and regulation of liability insurance markets. Major issues include the degree of competition in the market, determinants of fair premiums and the nature and causes of fluctuations in price and in the availability of coverage, and the effects of insurance regulation. Much of the THE DEMAND FOR AND SUPPLY OF LIABILITY INSURANCE 39 work in these areas has dealt with the overall property-liability insurance market.

Taking into account transaction costs, the structure of insurance markets is predicted by that author. The impact of transaction costs on individual insurance choices is analyzed in the next section. Some forms of insurance, however, are close to the mutuality principle. Participating policies, as they prevail in life insurance, are representatives of this class of insurance: the premium is subject to a retroactive adjustment, which is a known function of the aggregate loss experience. Such a clause is sometimes encountered in workers' compensation insurance.

Expected Utility Analysis without the Independence Axiom," Econometrica 50, 277-323. Marshall, J. M. (1974a). "Insurance Theory: Reserves Versus Mutuality," Economic Inquiry 12, 476-492. Marshall, J. M. (1974b) . "Insurance as a Market in Contingent Claims: Structure and Performance," The Bell Journal of Economics 5, 670-681. Marshall, J. M. (1991). "Optimum Insurance with Deviant Beliefs," in G. ), Contributions to Insurance Economics. Boston: Kluwer Academic Publishers. Moffet, D. (1977). "Optimal Deductible and Consumption Theory," Journal of Risk and Insurance 44, 669-682.

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