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  • Articles  (18,950)
  • Springer  (16,268)
  • Oxford University Press  (2,682)
  • 2020-2023
  • 1995-1999  (14,298)
  • 1975-1979  (4,652)
  • Economics  (18,950)
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  • Articles  (18,950)
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  • 1
    Electronic Resource
    Electronic Resource
    On the development of group insurance and collective saving in the Federal Republic of Germany and in Great Britain (1978)
    Springer
    The Geneva risk and insurance review 10 (1978), S. 50-66 
    Details
    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02409807
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  • 2
    Electronic Resource
    Electronic Resource
    Social security versus private saving and insurance (1978)
    Springer
    The Geneva risk and insurance review 10 (1978), S. 44-49 
    Details
    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Conclusion For all these reasons, the rediscovery of the equivalence theorem, first stated by David Ricardo in 1817, must be rejected as an adequate basis for policy, just as Ricardo had denied its applicability to the real world. Correspondingly, the concern with the adverse consequences of unfunded social insurance wealth for the supply of national saving, capital intensity, and living standards remains well founded. p ]If, as a practical matter, public pension and social security programs will never be funded actuarially in the United States and most other postindustrial countries, then government-supervised substitution of private for public retirement plans is the only way to achieve at least partial funding. If such substitution follows the British model of allowing employers to contract out of the earnings-related part of the state scheme if equivalent pensions are provided by the company plan, payroll taxes and social security wealth decline so as to reduce their adverse impact on capital formation.
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    URL: http://dx.doi.org/10.1007/BF02409806
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  • 3
    Electronic Resource
    Electronic Resource
    The expansion of social security in Italy (1978)
    Springer
    The Geneva risk and insurance review 10 (1978), S. 73-84 
    Details
    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02409809
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  • 4
    Electronic Resource
    Electronic Resource
    Soziale sicherheit und staatsfinanzen (1978)
    Springer
    The Geneva risk and insurance review 10 (1978), S. 85-95 
    Details
    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02409810
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  • 5
    Electronic Resource
    Electronic Resource
    Problems of social under economic recession and inflation (1978)
    Springer
    The Geneva risk and insurance review 10 (1978), S. 96-98 
    Details
    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02409811
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  • 6
    Electronic Resource
    Electronic Resource
    The risk-sharing problem (1979)
    Springer
    The Geneva risk and insurance review 11 (1979), S. 5-13 
    Details
    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02426245
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  • 7
    Electronic Resource
    Electronic Resource
    La prévoyance dans l'economie italienne (1978)
    Springer
    The Geneva risk and insurance review 10 (1978), S. 67-72 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary: Social Policy in the Italian Economy Favourable social and economic conditions constitute the essential framework for a stable development of savings. Saving in the form of insurance becomes advantageous for the individual, and private insurance can thus extend its activity, when social attitudes and the economic situation favour the propensity to save. If conditions change, the State can take over the coverage of risks through social insurance. By means of this institutions, an anti-cyclical policy can be pursued: the amount of social security contributions, for instance, can be increased during the expansion of the cycle and the amounts thus accumulated can be used to grant benefits during the recession period, when contributions can be fixed at a lower percentage of wages. Another type of policy can be pursued by government authorities: that of adjusting social security contributions to industrial profits, thereby directing the subsequent effects on economic growth. Inflation cab cause instability in decisional policies taken by private insurance companies. A solution to the unbalanced increase of costs can be found in index-linking. Life policies of this kind, for instance, cab be closely related to investments in houses, to be bought by the insured themselves in price-linked instalments. After a reference to present developments regarding risk instability and to possibilities of new forms of insurance, this paper considers the competition resulting from the opening of the EEC insurance markets as an opportunity for the Italian market to strengthen its structures.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02409808
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  • 8
    Electronic Resource
    Electronic Resource
    State, security and insurance (1978)
    Springer
    The Geneva risk and insurance review 10 (1978), S. 3-43 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02409805
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  • 9
    Electronic Resource
    Electronic Resource
    Simulation of an automobile portfolio (1979)
    Springer
    The Geneva risk and insurance review 11 (1979), S. 40-46 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02426248
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  • 10
    Electronic Resource
    Electronic Resource
    A mathematical model of insurance business and how it may be used (1979)
    Springer
    The Geneva risk and insurance review 11 (1979), S. 34-39 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02426247
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  • 11
    Electronic Resource
    Electronic Resource
    The characteristics approach and its application to financial liabilities, financial assets and portfolio choice (1979)
    Springer
    The Geneva risk and insurance review 11 (1979), S. 52-62 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02426250
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  • 12
    Electronic Resource
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    Introduction (1979)
    Springer
    The Geneva risk and insurance review 12 (1979), S. 3-4 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02420937
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  • 13
    Electronic Resource
    Electronic Resource
    Human capital and risk-bearing (1979)
    Springer
    The Geneva risk and insurance review 12 (1979), S. 5-22 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02420938
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  • 14
    Electronic Resource
    Electronic Resource
    Can additional information really have negative welfare effects? — a note on ARROW's risk allocation and information (1979)
    Springer
    The Geneva risk and insurance review 12 (1979), S. 23-25 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02420939
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  • 15
    Electronic Resource
    Electronic Resource
    Can additional information really have negative welfare effects: Reply (1979)
    Springer
    The Geneva risk and insurance review 12 (1979), S. 26-26 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02420940
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  • 16
    Electronic Resource
    Electronic Resource
    Reinsurers' investment and underwriting portfolios and the exchange rates risk (1979)
    Springer
    The Geneva risk and insurance review 11 (1979), S. 63-67 
    Details
    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary and concluding remarks The traditional analysis of the performance of large international reinsurers typically concentrates on the effect of exchange rates on profitability of the firm (NRG [9]). The multi-index model enables us to capture and analyze two additional effects: According to the Interest Rates Parity Theorem, the expected rates of return on foreign investments already reflect the expected change in the exchange rate. Therefore, a firm operating in a perfect market would be indifferent to the currency denomination of its financial assets. The firm should consider only the unexpected element in the exchange rate movements, i.e., the exchange risk. The uncertainty in the exchange rate contributes to the variability of the return on each investment and underwriting project. The firm must consider this new element of risk while constructing its investment and insurance portfolios. p ]The model can be used to examine and analyze alternative policies of the firm operating in international markets. For example, the model can be used to examine the “full hedge” policy, in which the insurer has a zero net position in any non-reference currency, or the policy of isolating national insurance markets.
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    URL: http://dx.doi.org/10.1007/BF02426251
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  • 17
    Electronic Resource
    Electronic Resource
    Studies in risk management examples of calculation of the value deducted (1979)
    Springer
    The Geneva risk and insurance review 13 (1979), S. 3-5 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02125888
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  • 18
    Electronic Resource
    Electronic Resource
    The economic risks of intermodal containerisation by 1988 (1979)
    Springer
    The Geneva risk and insurance review 13 (1979), S. 6-55 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02125889
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  • 19
    Electronic Resource
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    Les risques de pertes indirectes induites par les systèmes informatiques (1979)
    Springer
    The Geneva risk and insurance review 13 (1979), S. 56-84 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02125890
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  • 20
    Electronic Resource
    Electronic Resource
    European fire costs — The wasteful statistical gap (1979)
    Springer
    The Geneva risk and insurance review 13 (1979), S. 85-101 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02125891
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  • 21
    Electronic Resource
    Electronic Resource
    Solidity, leverage and the regulation of insurance companies (1979)
    Springer
    The Geneva risk and insurance review 14 (1979), S. 3-19 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02125361
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  • 22
    Electronic Resource
    Electronic Resource
    Reinsurance and foreign exchange risk (1979)
    Springer
    The Geneva risk and insurance review 14 (1979), S. 20-43 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02125362
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  • 23
    Electronic Resource
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    Functional relations between general economic indicators, premium income and claims costs in different insurance sectors (1979)
    Springer
    The Geneva risk and insurance review 14 (1979), S. 44-62 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02125363
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  • 24
    Electronic Resource
    Electronic Resource
    Modelling the investment behaviour of British life offices 1963–77 (1979)
    Springer
    The Geneva risk and insurance review 14 (1979), S. 63-72 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02125364
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  • 25
    Electronic Resource
    Electronic Resource
    Equilibrium in risk bearing: Different implications of alternative interpretations (1979)
    Springer
    The Geneva risk and insurance review 11 (1979), S. 14-33 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02426246
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  • 26
    Electronic Resource
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    Determination of the amounts available for long-term investment in an insurance company (1979)
    Springer
    The Geneva risk and insurance review 11 (1979), S. 47-51 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02426249
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  • 27
    Electronic Resource
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    Economists in the insurance industry (1979)
    Springer
    The Geneva risk and insurance review 14 (1979), S. 73-79 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Conclusions The emergence of economists in the insurance industry is only a symptom of a profound change in the market reality which the industry, especially in the U.K. with its worldwide ramifications of business interests, is facing now. This change, brought about by a sudden appearance of purely economic aspects of insurance activities, links up firmly the insurance proper with solely financial operations of the industry. It also widens very considerably both the range of factors relevant to underwriting and overall policy decisions and extends the time dimension of business analysis. It is this complexity of the background to the decision-making process that is responsible for a growing trend towards corporate planning within which economists have a vital role to play.
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  • 28
    Electronic Resource
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    Introduction (1976)
    Springer
    The Geneva risk and insurance review 2 (1976), S. 3-4 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02420932
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  • 29
    Electronic Resource
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    A macro-economic approach to risk management (1976)
    Springer
    The Geneva risk and insurance review 2 (1976), S. 5-9 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
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    URL: http://dx.doi.org/10.1007/BF02420933
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  • 30
    Electronic Resource
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    The changing face of risk management (1976)
    Springer
    The Geneva risk and insurance review 2 (1976), S. 10-13 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02420934
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  • 31
    Electronic Resource
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    Les objectifs du risk management (1976)
    Springer
    The Geneva risk and insurance review 2 (1976), S. 16-26 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02420935
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  • 32
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    A survey of the practice of risk management in West Europe companies (1976)
    Springer
    The Geneva risk and insurance review 2 (1976), S. 27-55 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02420936
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  • 33
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    Introductory note (1995)
    Springer
    The Geneva risk and insurance review 20 (1995), S. 7-8 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01098955
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  • 34
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    Editor's note (1995)
    Springer
    The Geneva risk and insurance review 20 (1995), S. 5-5 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01098954
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  • 35
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    Non-expected utility and the robustness of the classical insurance paradigm (1995)
    Springer
    The Geneva risk and insurance review 20 (1995), S. 9-50 
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    ISSN: 1554-9658
    Keywords: insurance ; risk sharing ; non-expected utility
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper uses the tools and techniques of generalized expected utility analysis to explore the robustness of some of the classical basic results in insurance theory to departures from the expected utility hypothesis on agents' risk preferences. The areas explored consist of individual demand for coinsurance and deductible insurance, the structure of Pareto-efficient bilateral insurance contracts, the structure of Pareto-efficient multilateral risk-sharing agreements, and self-insurance and self-protection. Most, though not all, of the basic results in this area are found to be quite robust to dropping the expected utility hypothesis.
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  • 36
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    Non-expected utility and the robustness of the classical insurance paradigm: Discussion (1995)
    Springer
    The Geneva risk and insurance review 20 (1995), S. 51-56 
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    ISSN: 1554-9658
    Keywords: non-expected utility ; insurance economics
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper discusses some aspects of the robustness of the classical insurance paradigm with respect to departures from the independence axiom of expected utility theory. The discussion focuses on the significance of the distinction between risk aversion and outcome convexity and the role of smoothness of the preferences in non-expected-utility analysis of insurance.
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  • 37
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    The comparative statics of deductible insurance in expected- and non-expected-utility theories (1995)
    Springer
    The Geneva risk and insurance review 20 (1995), S. 57-72 
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    ISSN: 1554-9658
    Keywords: deductible insurance ; non-expected utility theory
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper identifies comparative statics results for insurance contracts that distinguish between various models of decision making under risk—specifically, expected utility, rank-dependent expected utility, and weighted utility. Insurance contracts offer full coverage above a deductible. Firms offer premium schedules that give the premium charged as a function of the deductible; households choose both an insurance company and a deductible to maximize utility. A competitive equilibrium requires zero expected profit for firms. We identify changes in the distribution of losses such that the optimal deductible increases for utility representations in a particular class but decreases for some representations outside that class. We give results both for the demand for insurance, as well as for the equilibrium contract.
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  • 38
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    Risk-aversion concepts in expected- and non-expected-utility models (1995)
    Springer
    The Geneva risk and insurance review 20 (1995), S. 73-91 
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    ISSN: 1554-9658
    Keywords: increasing risk ; risk aversion ; non-expected utility
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The non-expected-utility theories of decision under risk have favored the appearance of new notions of increasing risk like monotone increasing risk (based on the notion of comonotonic random variables) or new notions of risk aversion like aversion to monotone increasing risk, in better agreement with these new theories. After a survey of all the possible notions of increasing risk and of risk aversion and their intrinsic definitions, we show that contrary to expected-utility theory where all the notions of risk aversion have the same characterization (u concave), in the framework of rank-dependent expected utility (one of the most well known of the non-expectedutility models), the characterizations of all these notions of risk aversion are different. Moreover, we show that, even in the expected-utility framework, the new notion of monotone increasing risk can give better answers to some problems of comparative statics such as in portfolio choice or in partial insurance. This new notion also can suggest more intuitive approaches to inequalities measurement.
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  • 39
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    Government action, biases in risk perception, and insurance decisions (1995)
    Springer
    The Geneva risk and insurance review 20 (1995), S. 93-110 
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    ISSN: 1554-9658
    Keywords: risk perception ; insurance ; moral hazard ; information
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Biases in risk perception potentially have a large effect on insurance and risk-related behavior. The government can alter these perceptions either through informational programs or controlling the risk. Policies that convey a higher risk level generally have the expected effects on insurance and protective actions, whereas efforts that increase the precision of either the government risk information or private beliefs typically have ambiguous effects. In some cases, the structure of how government policies enter the risk-belief function is consequential. Ascertaining the magnitude of the effects, not simply the direction, also is an important issue. For example, misperceptions have a dramatic effect on the tradeoffs between compensating differentials and the size of the loss but a negligible effect on the tradeoff between compensating differentials and the magnitude of the probability.
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    URL: http://dx.doi.org/10.1007/BF01098960
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  • 40
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    A comparison of the estimates of expected utility and non-expected-utility preference functionals (1995)
    Springer
    The Geneva risk and insurance review 20 (1995), S. 111-133 
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    ISSN: 1554-9658
    Keywords: expected utility ; non-expected-utility ; experiments ; pairwise choice ; complete ranking
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper extends the literature on the estimation of expected utility and non-expected-utility preference functionals (and the consequent exploration of the superiority of non-expected-utility over expected utility preference functionals) to a comparison of two different ways (pairwise choice and complete ranking) of experimentally obtaining data on such preferences. What is revealed is that the magnitude of the subject error is clearly conditional on the elicitation method used and, rather alarmingly, that the preference functional apparently employed by the subject may also be conditional on the elicitation method.
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    URL: http://dx.doi.org/10.1007/BF01098961
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  • 41
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    Functional form problems in modeling insurance and gambling (1995)
    Springer
    The Geneva risk and insurance review 20 (1995), S. 135-150 
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    ISSN: 1554-9658
    Keywords: non-expected utility ; gambling ; insurance ; functional form problems ; risky activities in the national accounts ; state contingent commodities
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    Topics: Economics
    Notes: Abstract Defining the outputs of the property insurance and gambling sectors of an economy has proved to be a difficult problem for national income accountants. It is well known that the traditional expected-utility model is not consistent with economic agents fully insuring their property. Thus the present paper adapts existing non-expected-utility theories to yield useful measures of output for the property insurance and gambling sectors.
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    Insurance and catastrophes (1995)
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    The Geneva risk and insurance review 20 (1995), S. 157-175 
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    ISSN: 1554-9658
    Keywords: catastrophe ; insurance ; moral hazard ; copayment ; experience rating ; distribution distortion
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Catastrophes provide a principal justification for insurance. Traditional conceptions of catastrophes miss three critical elements. (1) Many catastrophes-the liability revolution in the United States, for example-are not bolts from the blue. Rather, they develop over many years and result from human activity. (2) Conventional, experiencedbased models for assessing losses often smudge the distinction, so critical for catastrophes, between probability and magnitude of loss. (3) Normal insurance contracts, with heavy copayments for small losses but little charge at the margin for large ones, perform poorly when the insured can tradeoff probability and size of loss-a phenomenon we label distribution distortion. The structures of optimal insurance contracts are assessed.
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    Insurance and Catastrophes: Comment (1995)
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    The Geneva risk and insurance review 20 (1995), S. 185-187 
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    Insurance and Catastrophes: Comment (1995)
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    The Geneva risk and insurance review 20 (1995), S. 189-190 
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    Insurance and catastrophes: The changing role of the liability system (1995)
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    The Geneva risk and insurance review 20 (1995), S. 177-184 
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    Keywords: catastrophes ; torts ; asbestos ; insurance ; liability
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Insurance catastrophes are increasingly the result of actions by human beings rather than nature. Chief among these insurance changes has been the surge in tort liability insurance costs. Unfortunately, the courts have misunderstood the mechanisms for transmitting these costs throughout the economy. A principal deficiency is that the structure of liability has been inconsistent with the courts' assumption that the losses could be borne by consumers or parties other than the insurer.
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    Beneficial changes in random variables via copulas: An application to insurance (1995)
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    The Geneva risk and insurance review 20 (1995), S. 191-202 
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    Keywords: demand for insurance ; risk aversion ; first-degree and second-degree stochastic dominance shifts ; copula
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract A risk-averse agent does not necessarily decrease the optimal insurance whenever a beneficial change in the distribution of final wealth occurs. This paper provides sufficient conditions to guarantee such a decrease. Beneficial changes can be induced by either a beneficial loss-distribution shift, by a modification of the dependence structure between the randomness sources, or by both of these. Conditions for each case are stated. Hadar-Seo and Meyer results turn out as special cases.
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    Introductory note (1996)
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    The Geneva risk and insurance review 21 (1996), S. 5-6 
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    A note on increased probability of loss and the demand for insurance (1995)
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    The Geneva risk and insurance review 20 (1995), S. 213-216 
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    Keywords: demand for insurance ; loss probability ; FSD shifts ; symmetric information
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    Topics: Economics
    Notes: Abstract It is shown that the effect of increased probability of loss on the demand for insurance depends on whether both insured and insurer are aware of the change. When both insurer and insured share the same beliefs about the probability of loss (symmetric information), an increase in the loss probability may lead risk-averse agents to demandless insurance.
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    Demand for insurance in a portfolio setting (1995)
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    The Geneva risk and insurance review 20 (1995), S. 203-211 
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    ISSN: 1554-9658
    Keywords: insurance ; insurable assets ; expected utility
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper takes an additional step toward analyzing the demand for insurance in the context of a portfolio model. An investor is endowed with a portfolio containing a risky and riskless asset that can be augmented by purchasing insurance. Here, insurance is paid for by reducing the quantity of the risky insurable asset, holding the quantity of the riskless asset fixed. In the standard insurance demand model, insurance is paid for by reducing the amount of the riskless asset. This distinction leads to a different insurance demand function because the opportunity cost of purchasing insurance is now random.
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    Some remarks on modeling the term structure of interest rates (1996)
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    The Geneva risk and insurance review 21 (1996), S. 29-33 
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    The term structure of interest rates: Alternative approaches and their implications for the valuation of contingent claims (1996)
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    The Geneva risk and insurance review 21 (1996), S. 7-28 
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    Keywords: term structure ; interest rates ; contingent claims valuation ; Black-Scholes model ; mean-reversion ; no-arbitrage condition ; preference-free pricing ; general equilibrium ; equivalent martingale measure
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    Topics: Economics
    Notes: Abstract One of the most active areas of research in financial economics has been the modeling of the term structure of interest rates and its relationship to the pricing of contingent claims. There is a vast array of issues in the area, as well as a variety of perspectives, ranging from theoretical to practical. This article provides a general framework for the analysis of issues in the modeling of the term structure. Specifically, this article provides an overview of the conceptual issues and the empirical evidence in the area, based on an examination of five seminal models by Black, Scholes, and Merton; Vasicek; Cox, Ingersoll, and Ross; Ho and Lee; and Heath, Jarrow, and Morton. The article provides a synthesis of the area and suggests directions for future research.
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    Exotic unit-linked life insurance contracts (1996)
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    The Geneva risk and insurance review 21 (1996), S. 35-63 
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    Keywords: unit-linked life insurance ; exotic contracts ; equivalent martingale measures ; financial risk ; insurance premiums
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    Topics: Economics
    Notes: Abstract This article integrates aspects of traditional insurance with advances in financial economics, yielding proper valuation and premium assessments of insurance benefits linked to various financial assets. Several new types of unit-linked life insurance contracts are discussed, with substantial potential for real-life applications. Compared to usual unit-linked products, these contracts offer added flexibility and/or altered exposure to financial risk for the insured and/or the insurer. The single premiums of these policies are calculated as expectations under a risk-adjusted probability measure (equivalent martingale measure), satisfying no-arbitrage conditions in financial markets.
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    Uniqueness of the fair premium for equity-linked life insurance contracts (1996)
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    The Geneva risk and insurance review 21 (1996), S. 65-102 
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    Keywords: Asian option ; forward risk adjusted measure ; life insurance ; Monte Carlo simulation ; stochastic interest rates
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    Topics: Economics
    Notes: Abstract An equity-linked life insurance contract combines an endowment life insurance and an investment strategy with a minimum guarantee. The benefit of this contract is determined by the guaranteed amount plus a bonus equal to a call on the portfolio. This bonus is similar to an Asian option. This article analyzes the relationship between the periodic insurance premium and its proportional share invested into the portfolio. For a general model of the financial risks we show the existence and uniqueness of an insurance premium. Furthermore the premium is strictly increasing and convex as a function of the share invested.
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    Optimal dynamic hedging in incomplete futures markets (1996)
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    The Geneva risk and insurance review 21 (1996), S. 103-122 
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    Keywords: hedging ; incomplete markets ; use of futures ; wealth constraint ; exponential utility ; logarithmic utility
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    Topics: Economics
    Notes: Abstract This article derives optimal hedging demands for futures contracts from an investor who cannot freely trade his portfolio of primitive assets in the context of either a CARA or a logarithmic utility function. Existing futures contracts are not numerous enough to complete the market. In addition, in the case of CARA, the nonnegativity constraint on wealth is binding, and the optimal hedging demands are not identical to those that would be derived if the constraint were ignored. Fictitiously completing the market, we can characterize the optimal hedging demands for futures contracts. Closed-form solutions exist in the logarithmic case but not in the CARA case, since then a put (insurance) written on his wealth is implicitly bought by the investor. Although solutions are formally similar to those that obtain under complete markets, incompleteness leads in fact to second-best optima.
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    Fairly priced deposit insurance, incentive compatible regulations, and bank asset choices (1996)
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    The Geneva risk and insurance review 21 (1996), S. 123-141 
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    Keywords: deposit insurance ; incentive compatibility
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article provides incentive compatible regulations that support fairly priced deposit insurance in a competitive banking industry. If informational asymmetry exists between the regulator and banks regarding loan quality, but the regulator can observe actual loan rates charged, then imposing a capital requirement schedule that leads market loan rates to decrease in loan quality is shown to be incentive compatible. Competition in the loan market induces banks to be indifferent to all loans that satisfy a minimum acceptable quality and reject all riskier loans. The regulator could reduce the banking industry's riskiness by imposing stricter capital requirements that increase this minimum quality.
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    The values of insurance companies under different uncertain portfolios (1996)
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    The Geneva risk and insurance review 21 (1996), S. 147-158 
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    Keywords: stochastic dominance ; mean preserving dominance ; MLR-dominance ; capital budgeting ; comparative statics
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    Topics: Economics
    Notes: Abstract The value of an insurance company mainly depends on the premiums received in each underwriting period, the probability distribution of the accumulated claims against the company, the equity capital, and the risk-adjusted rate of return determined by the market. We analyze how the value of the company is affected by marginal changes in the underlying determinants, when there is a regulatory requirement on equity capital. The major factor we are interested in is the claims against the company in each underwriting period, which we represent by a stationary stochastic process. The existing orders for partially ranking risks do not suffice for our purpose, and new conditions are found on the risks facing the companies, for the successful ranking of the company values.
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    Risk aversion with state-dependent preferences in the rank-dependent expected utility theory (1996)
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    The Geneva risk and insurance review 21 (1996), S. 159-177 
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    Keywords: expected utility theory ; state-dependent preferences ; risk aversion ; non-expected utility theory ; rank-dependent probabilities
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We extend the analysis of risk aversion with state-dependent preferences to the rank-dependent expected utility theory. We find that in this extended theory, for two preference relations to be comparable in risk aversion not only do their reference sets need to coincide (a condition first introduced by Karni [1983, 1985] in the original expected utility framework), but they must also rank the prospective state-dependent outcomes in the same manner. We formalize this additional condition by introducing the concept of certainty sets. Under our condition of comparability, various results and characterizations of interpersonal comparison of risk aversion are obtained. The implications for a specific insurance problem are also discussed.
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    Investment under demand uncertainty: The newsboy problem revisited (1996)
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    The Geneva risk and insurance review 21 (1996), S. 179-189 
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    Keywords: uncertainty ; investment ; newsboy problem ; increase in risk ; optimal capacity
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    Topics: Economics
    Notes: Abstract In this article we study the effect of uncertainty on an entrepreneur who must choose the capacity of his business before knowing the demand for his product. The unit profit of operation is known with certainty, but there is no flexibility in our one-period framework. We show how the introduction of global uncertainty reduces the investment of the risk-neutral entrepreneur and, even more, that of the risk-averse one. We also show how marginal increases in risk reduce the optimal capacity of both the risk-neutral and the risk-averse entrepreneur, without any restriction on the concave utility function and with limited restrictions on the definition of a mean preserving spread. These general results are explained by the fact that the newsboy has a piecewise-linear, and concave, monetary payoff with a kink endogenously determined at the level of optimal capacity. Our results are compared with those in the two literatures on price uncertainty and demand uncertainty, and particularly, with the recent contributions of Eeckhoudt, Gollier, and Schlesinger [1991, 1995].
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    Consumer risk perceptions and information in insurance markets with adverse selection (1996)
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    The Geneva risk and insurance review 21 (1996), S. 191-210 
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    Keywords: adverse selection ; hidden information ; informational equilibrium ; learning
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    Topics: Economics
    Notes: Abstract Standard models of adverse selection in insurance markets assume policyholders know their loss distributions. This study examines the nature of equilibrium and the equilibrium value of information in competitive insurance markets where consumers lack complete information regarding their loss probabilities. We show that additional private information is privately and socially valuable. When the equilibrium policies separate types, policyholders can deduce the underlying probabilities from the contracts, so it is information on risk type, rather than loss probability per se, that is valuable. We show that the equilibrium is “as if” policyholders were endowed with complete knowledge if, and only if, information is noiseless and costless. If information is noisy, the equilibrium depends on policyholders' prior beliefs and the amount of noise in the information they acquire.
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    The Design of Optimal Insurance Contracts: A Topological Approach (1997)
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    The Geneva risk and insurance review 22 (1997), S. 5-19 
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    Keywords: infinite dimensional problem ; angular norm ; coinsurance ; deductible ; increasing costs
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article deals with the optimal design of insurance contracts when the insurer faces administrative costs. If the literature provides many analyses of risk sharing with such costs, it is often assumed that these costs are linear. Furthermore, mathematical tools or initial conditions differ from one paper to another. We propose here a unified framework in which the problem is presented and solved as an infinite dimensional optimization program on a functional vector space equipped with an original norm. This general approach leads to the optimality of contracts lying on the frontier of the indemnity functions set. This frontier includes, in particular, contracts with a deductible, with total insurance and the null vector. Hence, we unify the existing results and point out some extensions.
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    Prudence, Demand Uncertainty, Background Risk, and the Law of Supply: A Nonexpected Utility Approach to the Firm (1997)
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    The Geneva risk and insurance review 22 (1997), S. 21-42 
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    Keywords: prudence ; risk aversion ; dual theory ; nonexpected utility ; background risk ; monopoly ; piecewise linear payoff function ; profits tax
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    Topics: Economics
    Notes: Abstract We identify two motives, prudence and risk aversion, which give rise to precautionary behavior for a quantity- or price-setting monopolist facing demand uncertainty who has dual theoretic preferences. We also analyze a piecewise linear profit function due to a tax on profits that varies with the profit level. We show that the comparative statics of greater risk (mean-preserving spread and mean-utility preserving spread) can be totally or partially determined by the Diamond-Stiglitz and Kihlstrom-Mirman single-crossing property. For example, for a prudent risk-averse quantity-setting dual theoretic monopolist, a mean-preserving spread will have the same impact on output under uncertainty as a fall in the state of demand under certainty. Finally, we find that, in contrast to expected utility, a stochastically larger state of demand (first-order stochastic dominance) will raise output even if background risk is present.
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    Editor's Comments (1997)
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    The Geneva risk and insurance review 22 (1997), S. 71-71 
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    First-Order Approach to Principal-Agent Problems: A Generalization (1997)
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    The Geneva risk and insurance review 22 (1997), S. 59-65 
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    Keywords: principal-agent contracts ; first-order approach ; wage-action interactions ; action-risk interactions ; nonseparable utility
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    Topics: Economics
    Notes: Abstract The first-order approach (FOA) to principal agent problems is very convenient and mathematically tractable. However, existing results show that the FOA is valid only for additively separable utility functions. This is somewhat limiting. In this article sufficient conditions are identified that extend the validity of the FOA to nonseparable cases. The additional conditions involve restrictions on the agent's preferences, particularly interactions between action and the wage contract. These conditions imply that leisure is normal and the agent's absolute risk aversion increases with action. Comparative static results regarding the wage contract and its gradient are also discussed.
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    An Option-Pricing Approach to the Costs of Export Credit Insurance (1997)
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    The Geneva risk and insurance review 22 (1997), S. 43-58 
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    Keywords: trade financing costs ; export credit insurance ; credit risk ; insurance premia ; option pricing ; non-parametric regressions
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article investigates the relationship between a debtor country's external financial indicators and the costs associated with the insurance of export credits to that country. For this purpose a stylized model of export credit insurance (ECI) is developed, the central idea being that ECI is similar to a contingent claim such as a European put option. Thus, tools from option pricing theory were used to calculate the price of ECI, implying that not only the current financial position but also the volatility of the changes in that position determine such costs. The empirical results of a statistical analysis of the premium rates for ECI, applied by a private export credit insurer to seventy-seven developing countries during 1993, provide some support for these hypotheses. In particular, the reserves-over-imports ratio of a debtor country and the volatility of the rates of change of this ratio appear to contribute significantly to the premium rates that apply to that country. Thus, the article provides evidence that option pricing parameters do play role in practical insurance pricing, even if this pricing is not explicitly based on these parameters. Premium rates are set as if an underlying option market operated. Thus, the trade of countries with volatile external financial positions is saddled with higher costs than that of countries with more stable positions.
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    Complete Versus Incomplete Insurance Contracts under Adverse Selection with Multiple Risks (1997)
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    The Geneva risk and insurance review 22 (1997), S. 81-101 
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    Keywords: insurance ; adverse selection ; multidimensional screening ; multiple risks ; bundling
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    Topics: Economics
    Notes: Abstract This article extends the standard adverse-selection model for competitive insurance markets, which assumes a single source of risk, to the case where individuals are subject to multiple risks. We compare the following market situations—the case where insurers can offer comprehensive policies against all sources or risks (complete contracts) and the case where different risks are covered by separate policies (incomplete contracts). In the latter case, we consider whether the insurer of a particular risk has perfect information regarding an individual's coverage against other sources of risks. The analysis emphasizes the informational role of bundling in multidimensional screening. When the market situation allows bundling, it is shown that in equilibrium the low-risk type with respect to a particular source of risk does not necessarily obtain partial coverage against that particular risk.
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    Competition and Insurance Twenty Years Later (1997)
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    The Geneva risk and insurance review 22 (1997), S. 73-79 
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    Keywords: insurance ; adverse selection ; competitive outcomes
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    Topics: Economics
    Notes: Abstract We are honored to address the European Group of Risk and Insurance Economists and will take the opportunity to make some reflections on the rather uneasy relationship between insurance and competition. Economists generally prescribe competition as a solution for markets that do not work well. Competition allocates resources efficiently and encourages innovation and attention to what customers want. Insurance markets differ from most other markets because in insurance markets competition can destroy the market rather than make it work better. One of the dimensions along which insurance companies compete is underwriting—trying to ensure that the risks covered are “good” risks or that if a high risk is insured, the premium charged is at least commensurate with the potential cost. The resulting partitioning of risk limits the amount of insurance that potential insurance customers can buy. In the extreme case, such competitive behavior will destroy the insurance market altogether. A simple model illustrates.
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    Explaining Insurance Policy Provisions via Adverse Selection (1997)
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    The Geneva risk and insurance review 22 (1997), S. 121-134 
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    Topics: Economics
    Notes: Abstract In this article, we show that common insurance policy provisions—namely, deductibles, coinsurance, and maximum limits–can arise as a result of adverse selection in a competitive insurance market. Research on adverse selection typically builds on the assumption that different risk types suffer the same size loss and differ only in their probability of loss. In this study, we allow the severity of the insurance loss to be random and, thus, generalize the results of Rothschild and Stiglitz [1976] and Wilson [1977]. We characterize the separating equilibrium contracts in a Rothschild-Stiglitz competitive market. By further assuming a Wilson competitive market, we show that an anticipatory equilibrium might be achieved by pooling, and we characterize the optimal pooling contract.
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    Pooling and Separating Equilibria in Insurance Markets with Adverse Selection and Distribution Costs (1997)
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    The Geneva risk and insurance review 22 (1997), S. 103-120 
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    Keywords: adverse selection ; insurance markets ; marketing costs ; pooling equilibria ; separating equilibria
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In the Rothschild-Stiglitz [1976] model of a competitive insurance market with adverse selection, pooling equilibria cannot exist. However in practice, pooling contracts are frequent, notably in health insurance and life insurance. This is due to the fact that distribution costs are nonnegligible and increase rapidly when more contracts are offered. We modify accordingly the Rothschild-Stiglitz model by introducing such distribution costs. We find that, however small these costs may be, they entail possible existence of pooling equilibria. Moreover, in these pooling equilibria, it is the high-risk individuals who are rationed, in the sense that they would be willing to buy more insurance at the current premium/insurance ratio.
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    Editor's Note (1998)
    Springer
    The Geneva risk and insurance review 23 (1998), S. 5-5 
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    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008659912070
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    Full Insurance, Bayesian Updated Premiums, and Adverse Selection (1997)
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    The Geneva risk and insurance review 22 (1997), S. 135-150 
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    ISSN: 1554-9658
    Keywords: insurance ; adverse-selection ; Bayesian learning
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In the classic Rothschild-Stiglitz model of adverse selection in a competitive environment, we analyse a “no-claims bonus” type contract (bonus-malus). We show that, under full insurance coverage, if the insurance company applies Bayes's rule to learn about client probability types over time and uses this information in premium calculations for contract renewals, then there exist conditions under which all client types strictly prefer the Bayesian updating contract to the classic Rothschild-Stiglitz separating equilibrium.
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    Imperfect Agency and the Regulation of Hospitals (1997)
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    The Geneva risk and insurance review 22 (1997), S. 151-168 
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    ISSN: 1554-9658
    Keywords: regulation ; health care ; principal-agent ; hospital ; agency
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article addresses the combined problem of imperfect agency and asymmetric information in the regulation of hospitals by modeling the physician as a utility maximizer with both the utility of patients and profit of the hospital as arguments in his or her utility function. The article concludes that optimal regulation of hospitals is based on three important factors: the doctor's marginal rate of substitution between profit of the hospital and utility of the patients, moral hazard in the relationship between the regulator and the hospital, and adverse selection in the same relation.
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    URL: http://dx.doi.org/10.1023/A:1008620218204
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    Background Uncertainty and the Demand for Insurance Against Insurable Risks (1998)
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    The Geneva risk and insurance review 23 (1998), S. 7-27 
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    Keywords: insurance ; background risk ; prudence
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    Topics: Economics
    Notes: Abstract Theory suggests that people facing higher uninsurable background risk buy more insurance against other risks that are insurable. This proposition is supported by Italian cross-sectional data. It is shown that the probability of purchasing casualty insurance increases with earnings uncertainty. This finding is consistent with consumer preferences being characterized by decreasing absolute prudence.
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    URL: http://dx.doi.org/10.1023/A:1008621712979
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    A Model of an Oligopoly in an Insurance Market (1998)
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    The Geneva risk and insurance review 23 (1998), S. 41-48 
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    ISSN: 1554-9658
    Keywords: insurance ; oligopoly ; imperfect competition
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article analyzes the behavior of an oligopoly of risk-averse insurers that insure many consumers facing identical independent risks; however, the probability of a loss is ex ante not known with certainty. It is shown that there is a continuum of equilibria in the Bertrand game. The most plausible equilibrium can be obtained by requiring that all insurers are content with the number of policies they sell given the equilibrium premium.
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    Changes in Background Risk and the Demand for Insurance (1998)
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    The Geneva risk and insurance review 23 (1998), S. 29-40 
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    ISSN: 1554-9658
    Keywords: background risk ; stochastic dominance ; coinsurance ; deductibles
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The demand for insurance against loss from a particular risky asset is likely to depend on other risks the decision-maker faces. For independently distributed other risks, referred to as background risk, Eeckhoudt and Kimball [1992] determine the effect on insurance demand of introducing background risk. Recently, Eeckhoudt, Gollier, and Schlesinger [1996] determine conditions on preferences such that first- and second-degree stochastic deteriorations in background risk lead to a decrease in the decision-maker's willingness to accept other risks. These results, although formulated in a general decision model, also apply to insurance demand. This article continues analysis of this question by determining the effect on insurance demand of several other general changes in background risk.
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    URL: http://dx.doi.org/10.1023/A:1008625829817
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    Long-Term Care Insurance and Life Insurance Demand (1998)
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    The Geneva risk and insurance review 23 (1998), S. 49-61 
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    Keywords: long-term care insurance ; life insurance
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    Topics: Economics
    Notes: Abstract This article investigates the interaction between life insurance and long-term care insurance markets on the demand side. In the model utility depends on both consumption and bequest, and utility from consumption is contingent on the state of health. While the demand for life insurance increases both with decreasing income and with a rising degree of altruism, the influences of these two parameters on the demand for long-term care insurance are ambiguous. If the utility shock arising from disability declines, both insurance demands will rise.
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    URL: http://dx.doi.org/10.1023/A:1008630030725
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    Risk Classification by Fuzzy Inference (1998)
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    The Geneva risk and insurance review 23 (1998), S. 63-82 
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    ISSN: 1554-9658
    Keywords: fuzzy inference ; risk classification ; life insurance ; imprecise information
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Traditionally, policyholders in life insurance are classified in simple mortality tables, most often according to only a few risk characteristics. Instead of a risk classification according to the numerical rating system, this article describes how to classify by using a fuzzy inference methodology. By defining risk factors as fuzzy sets, it is shown that an insurer can utilize multiple prognostic factors that are imprecise and vague. The presented fuzzy risk classification provides a more realistic way of modeling mortality risks since it allows for compensations and interactions between multiple risk factors.
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    An Extended Family of Financial-Risk Measures (1998)
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    The Geneva risk and insurance review 23 (1998), S. 89-117 
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    Keywords: inequality ; risk ; utility
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Recalling the class of risk measures introduced by Stone [1973], the authors survey measures from different academic disciplines—including psychology, operations research, management science, economics, and finance—that have been introduced since 1973. We introduce a general class of risk measures that extends Stone's class to include these new measures. Finally, we give four axioms that describe necessary attributes of a good financial risk measure and show which of the measures surveyed satisfy these. We demonstrate that all measures that satisfy our axioms, as well as those that do not but are commonly used in finance, belong to our new generalized class.
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    Pareto-Improving Social Security Reform (1998)
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    The Geneva risk and insurance review 23 (1998), S. 119-125 
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    Keywords: social security ; privatization ; overlapping generations model ; endogenous growth
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    Topics: Economics
    Notes: Abstract It is generally accepted that moving from an unfunded to a funded social security system implies a welfare loss for the transition generation—that is, the generation that has to pay twice: first, saving for its own retirement and, second, contributing to the pensions of the then retired generation. This article shows that in a setting of endogenous growth with positive externality such a transition can be Pareto improving. But it argues also that social security reform is more a pretext than a requirement for internalizing such a positive externality.
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    URL: http://dx.doi.org/10.1023/A:1008622110502
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    A Reexamination of the Relationship Between Preferences and Moment Orderings by Rational Risk-Averse Investors (1998)
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    The Geneva risk and insurance review 23 (1998), S. 127-137 
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    ISSN: 1554-9658
    Keywords: asset preferences ; utility functions ; moment orderings ; Von Neumann-Morgenstern rationality
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    Topics: Economics
    Notes: Abstract This article examines the relationship between risk, return, skewness, and utility-based preferences. Examples are constructed showing that, for any commonly used utility function, it is possible to have two continuous unimodal random variables X and Y with positive and equal means, X having a larger variance and lower positive skewness than Y, and yet X has larger expected utility than Y, contrary to persistent folklore concerning U″′ 〉 0 implying skewness preference for risk averters. In additon, it is shown that ceteris paribus analysis of preferences and moments, as occasionally used in the literature, is impossible since equality of higher-order central moments implies the total equality of the distributions involved.
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    Government Deposit Insurance and the Diamond-Dybvig Model (1998)
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    The Geneva risk and insurance review 23 (1998), S. 139-149 
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    ISSN: 1554-9658
    Keywords: deposit insurance ; bank runs ; diamond dybuig model ; market failure
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    Topics: Economics
    Notes: Abstract The apparent banking market failure modeled by Diamond and Dybvig [1983] rests on their inconsistently applying their “sequential servicing constraint” to private banks but not to their government deposit insurance agency. Without this inconsistency, banks can provide optimal risk-sharing without tax-based deposit insurance, even when the number of “type 1” agents is stochastic, by employing a “contingent bonus contract.” The threat of disintermediation noted by Jacklin [1987] in the nonstochastic case is still present but can be blocked by contractual trading restrictions. This article complements Wallace [1988], who considers an alternative resolution of this inconsistency.
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    Voluntary Contributions with Uncertainty: The Environmental Quality (1998)
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    The Geneva risk and insurance review 23 (1998), S. 151-165 
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    Keywords: environmental management ; uncertainty ; public goods ; voluntary contributions ; precaution ; risk
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    Topics: Economics
    Notes: Abstract This article presents a model in which production causes pollution that diminishes the welfare of its agents. Each agent is concerned with the quality of its environment and may voluntary contribute to improve it by financing depollution technology. The effectiveness of this technology on the quality of the environment is uncertain. We show that if an agent is sufficiently risk averse, voluntary contribution is a decreasing function of the average efficiency of depollution technology. If, on the contrary, the pollution effect is weaker than the substitution effect, the opposite holds. We show that precaution about environmental quality has two possible consequences that depend on agents' risk aversion. Therefore, the implications of a precautionary attitude lead us to consider the agents' risk-aversion characterization, which implies knowledge about prudent attitude.
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    Coalition-Proof Allocations in Adverse-Selection Economies (1999)
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    The Geneva risk and insurance review 24 (1999), S. 5-17 
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    ISSN: 1554-9658
    Keywords: adverse selection ; coalition proof ; insurance
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    Topics: Economics
    Notes: Abstract We reexamine the canonical adverse selection insurance economy first studied by Rothschild and Stiglitz [1976]. We define blocking in a way that takes private information into account and define a coalition-proof correspondence as a mapping from coalitions to allocations with the property that allocations are in the correspondence, if and only if, they are not blocked by any other allocations in the correspondence for any subcoalition. We prove that the Miyazaki allocation—the Pareto-optimal allocation (possibly cross-subsidized) most preferred by low-risk agents—is coalition-proof.
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    Should More Risk-Averse Agents Exert More Effort? (1999)
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    The Geneva risk and insurance review 24 (1999), S. 19-28 
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    Keywords: self-insurance ; self-protection ; comparative statics
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Consider an agent facing a risky distribution of losses who can change this distribution by exerting some effort. Should he exert more effort when he becomes more risk-averse? For instance, should we expect more risk-averse drivers to drive more cautiously? In this article, we give sufficient conditions under which the answer is positive, using results presented in Jewitt (1989). We first extend the standard models of self-insurance and self-protection and show that the comparative statics depends only on the effect of effort on the net loss. We then present conditions for the continuous case with applications.
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    Optimal Insurance Under Random Auditing (1999)
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    The Geneva risk and insurance review 24 (1999), S. 29-54 
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    ISSN: 1554-9658
    Keywords: insurance ; auditing ; risk aversion
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    Topics: Economics
    Notes: Abstract We provide a characterization of an optimal insurance contract (coverage schedule and audit policy) when the monitoring procedure is random. When the policyholder exhibits constant absolute risk aversion, the optimal contract involves a positive indemnity payment with a deductible when the magnitude of damages exceeds a threshold. In such a case, marginal damages are fully covered if the claim is verified. Otherwise, there is an additional deductible that disappears when the damages become infinitely large. Under decreasing absolute risk aversion, providing a positive indemnity payment for small claims with a nonmonotonic coverage schedule may be optimal.
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    Regulation of Insurance Markets (1999)
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    The Geneva risk and insurance review 24 (1999), S. 55-68 
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    Keywords: insurance regulation ; information ; insolvency
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    Topics: Economics
    Notes: Abstract There have been major changes in the way European insurance markets are regulated, and there is still considerable debate about what the form and scope of regulation should be. This article examines the arguments for solvency regulation when consumers are fully informed of the insurer's insolvency risk. It is shown firms always provide enough capital to ensure solvency, unless there are restrictions on the composition of their asset portfolios. The conclusion holds even when competition means that only normal profits can be earned. This suggests that the role of regulation in insurance markets should be confined to providing consumers with information about the default risk of insurers.
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    URL: http://dx.doi.org/10.1023/A:1008733315931
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    An Equilibrium Model of Catastrophe Insurance Futures and Spreads (1999)
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    The Geneva risk and insurance review 24 (1999), S. 69-96 
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    ISSN: 1554-9658
    Keywords: insurance futures ; futures derivatives ; claims processes ; reinsurance
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article presents a valuation model of futures contracts and derivatives on such contracts, when the underlying delivery value is an insurance index, which follows a stochastic process containing jumps of random claim sizes at random time points of accident occurrence. Applications are made on insurance futures and spreads, a relatively new class of instruments for risk management launched by the Chicago Board of Trade in 1993, anticipated to start in Europe and perhaps also in other parts of the world in the future. The article treats the problem of pricing catastrophe risk, which is priced in the model and not treated as unsystematic risk. Several closed pricing formulas are derived, both for futures contracts and for futures derivatives, such as caps, call options, and spreads. The framework is that of partial equilibrium theory under uncertainty.
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    The Econometrics of Risk Classification in Insurance (1999)
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    The Geneva risk and insurance review 24 (1999), S. 119-137 
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    Keywords: risk classification ; adverse selection ; moral hazard ; Poisson-gamma model ; bonus-malus
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    Topics: Economics
    Notes: Abstract We present in this article some questions related to risk classification. These are discussed depending on the information used—either data on conditional characteristics or also including data on claim histories or on endogenous insurance demand by the agents.
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    Automobile Insurance Contracts and Risk of Accident: An Empirical Test Using French Individual Data (1999)
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    The Geneva risk and insurance review 24 (1999), S. 97-114 
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    ISSN: 1554-9658
    Keywords: adverse selection ; moral hazard ; automobile insurance contracts ; risk of accident ; econometrics
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Insurance has for a long time been perceived as a way of transferring responsibility from insured agents to insurers and thus as potentially influencing insured agents' behavior. Two particular opportunistic behaviors have been analyzed. First, the theory of adverse selection predicts that high-risk agents are likely to demand more insurance than are low-risk agents. Second, the theory of moral hazard predicts that the wider the insurance coverage, the less agents will try to prevent accidents. Both theories thus conclude that agents who are totally insured should have a higher probability of accident than those with only partial insurance, ceteris paribus. Nevertheless, one of the aims of insurance rating systems is to control for these opportunistic behaviors. In this article, we use individual data to see if the French automobile insurance rating system has achieved this aim. We do this using a two-step maximum-likelihood method. First, we compute a probit model to estimate the probability of taking out comprehensive versus third-party insurance. We then calculate the generalized residual, which is included as an independent variable in a negative binomial model estimating the probability of having an accident. The coefficient of this variable is argued to represent adverse selection and ex-ante moral-hazard behavior.
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    The Coexistence of Distribution Systems When Consumers Are Not Informed (1999)
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    The Geneva risk and insurance review 24 (1999), S. 173-192 
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    Keywords: distribution systems ; price dispersion ; consumer search behavior ; long-run equilibrium ; uninformed consumers
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    Topics: Economics
    Notes: Abstract We attempt to explain the coexistence of two distribution systems when consumers are poorly informed about price distribution. The interaction of price dispersion and consumer search behavior is shown to affect the choice of marketing systems. We provide a necessary and sufficient condition for the coexistence as a long-run equilibrium. The market may observe the coexistence of the two agency systems regardless of the relative efficiency of agency types, or the domination by the less efficient agency system offering higher average price.
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    The Design of an Optimal Area Yield Crop Insurance Contract (1999)
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    The Geneva risk and insurance review 24 (1999), S. 159-171 
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    Keywords: crop insurance ; yield options contracts ; incomplete markets ; systemic risk
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    Topics: Economics
    Notes: Abstract This article focuses on the design of a crop insurance contract when the indemnity is based on the aggregate yield of a surrounding geographical area. Coinsurance under a critical yield often provides an efficient sharing of systemic risk. Under a linear relationship between individual yield and aggregate yield, the optimal form depends on the individual beta coefficient, which measures the sensitivity of individual yield to aggregate yield. The optimal hedging position of the producer on the yield options market is to buy put options or call options depending upon whether his beta coefficient is positive or negative.
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    Experimental Tests of Self-Selection and Screening in Insurance Decisions (1999)
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    The Geneva risk and insurance review 24 (1999), S. 139-158 
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    Keywords: self-selection ; screening ; information asymmetry ; insurance markets
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract A major characteristic of insurance markets is information asymmetry that may lead to phenomena such as adverse selection and moral hazard. Another aspect of markets with asymmetric information is self-selection, which refers to the pattern of choices that individuals with different personal characteristics make when facing a menu of contracts or options. To combat problems of asymmetric information, insurance firms can use screening. That is, they can offer the clients a menu of choices and infer their characteristics from their choices. This article reports the results of several studies that examined the degree to which people behave according to the notions of self-selection and screening. Subjects played the role of either insurance buyers or sellers. The results of these studies provide partial support for the hypothesis that subjects use self-selection and screening in insurance markets. Our study also points at the importance of learning in experimental studies. In one-stage experiments where subjects did not get feedback, screening was not detected. When multistage experiments were conducted, and the subjects learned from experience and were also taught the relevant theories, their decisions were more aligned with screening.
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    Corporate Insurance as a Necessary Form of Consultant–Investigator Contract (1999)
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    The Geneva risk and insurance review 24 (1999), S. 193-207 
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    Keywords: corporate insurance ; business insurance ; agency problems
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Existing literature argues that corporate insurance is purchased because the insurance company produces risk management information for publicly held corporations. In this article, we address a fundamental question as to why other financial intermediaries cannot perform the same information production function as the insurance company. We argue that when the risk manager of the firm performs multiple tasks and needs consulting and investigation services from an outside agent for efficient risk management, the optimal contract with the agent has to be in the form of an insurance contract. Other types of contracts, such as flat-fee contracts, cannot be optimal. Therefore, the insurance company is ideally suited to provides these services.
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    Préface (1976)
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    The Geneva risk and insurance review 3 (1976), S. 5-6 
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    Introduction (1976)
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    The Geneva risk and insurance review 3 (1976), S. 7-11 
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    Domaines de l'utilisation future de l'informatique (1976)
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    The Geneva risk and insurance review 3 (1976), S. 11-17 
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    Etude des pertes envisageables (1976)
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    The Geneva risk and insurance review 3 (1976), S. 17-40 
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    Réflexions sur les risques informatiques (1976)
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    The Geneva risk and insurance review 3 (1976), S. 41-44 
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    Annexe A: Evaluation des pertes possibles et des méthodes de réduction dans les vingt secteurs d'application sélectionnés (1976)
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    The Geneva risk and insurance review 3 (1976), S. 45-85 
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    Annexe B: Evolution technique et technologique (1976)
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    The Geneva risk and insurance review 3 (1976), S. 86-90 
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    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02125045
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    Electronic Resource
    Electronic Resource
    Annexe C: Fraudes et sabotages dans les systèmes informatiques (1976)
    Springer
    The Geneva risk and insurance review 3 (1976), S. 90-97 
    Details
    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02125046
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    Paper (German National Licenses)
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