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  • Articles  (23,575)
  • Springer  (23,575)
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  • Economics  (23,575)
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  • Articles  (23,575)
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Year
Journal
  • 1
    Electronic Resource
    Electronic Resource
    Springer
    The Geneva risk and insurance review 16 (1991), S. 59-74 
    ISSN: 1554-9658
    Keywords: Unemployment Insurance ; Risk Sharing ; Social Security
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Two models of spot labor markets are presented in which labor suppliers have heterogeneous attitudes towards effort and in which uncertainty prevails on labor productivity and growth. The problem of selecting efficient rules to manage unemployment insurance (UI) systems is considered. We show that there does not exist any system which combines an efficient allocation of labor with an efficient allocation of risks among employees, unemployed workers and capital-owners. Pareto-efficient policy rules are a best compromise between these two conflicting objectives. It implies that productive efficiency could be improved in periods of mass unemployment by reducing UI benefits. That would be at the expense of more inefficiencies in the sharing of macroeconomic risks. At the optimum, the UI benefit is positively correlated to growth and it is negatively correlated to labor productivity.
    Type of Medium: Electronic Resource
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  • 2
    Electronic Resource
    Electronic Resource
    Springer
    The Geneva risk and insurance review 16 (1991), S. 137-138 
    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
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  • 3
    Electronic Resource
    Electronic Resource
    Springer
    The Geneva risk and insurance review 16 (1991), S. 139-141 
    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
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  • 4
    Electronic Resource
    Electronic Resource
    Springer
    The Geneva risk and insurance review 16 (1991), S. 143-165 
    ISSN: 1554-9658
    Keywords: Social Insurance ; Redistribution ; Incentives
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We extend the familiar income taxation model à la Mirrlees, so as to include income uncertainty, due for instance to a risk of illness. Following a line of research initiated by Blomqvist and Horn [1984] we prove that the existence of a Social Health Insurance system may be justified even when the insurance market is efficient. Moreover, if there is a negative statistical dependence between probability of illness and labor productivity, then the optimum of a Utilitarianist Social Welfare function implies that Social Insurance provides a complete coverage for every household.
    Type of Medium: Electronic Resource
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  • 5
    Electronic Resource
    Electronic Resource
    Springer
    The Geneva risk and insurance review 16 (1991), S. 167-177 
    ISSN: 1554-9658
    Keywords: Risk Taking ; Taxation ; Complete Conventional Securities Markets
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In general equilibrium, with complete conventional securities markets and endogenous asset supply, taxes on risk remuneration are ineffective but harmless. They do not alter the real allocation of goods or the distribution of wealth, they impose no excess burden, and, in particular, have no impact on risk taking.
    Type of Medium: Electronic Resource
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  • 6
    Electronic Resource
    Electronic Resource
    Springer
    The Geneva risk and insurance review 17 (1992), S. 7-191 
    ISSN: 1554-9658
    Keywords: Risk ; Insurance Demand ; Deterministic Transformations ; Stochastic Dominance ; Expected Utility
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The consequences of a change in a random parameter are determined for a decision model with more than one source of randomness. The two cases of independent and stochastically dependent sources of risk are discussed. Four comparative static theorems are given. These state the effect of first degree stochastically dominant shifts or risk decreases for one random variable while the other random variable is held fixed. Deterministic transformations are used to represent random parameter changes. The results are presented in the context of the coinsurance demand model with a risky insurable asset and background risk.
    Type of Medium: Electronic Resource
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  • 7
    Electronic Resource
    Electronic Resource
    Springer
    The Geneva risk and insurance review 17 (1992), S. 21-33 
    ISSN: 1554-9658
    Keywords: Insurance Demand ; Multiple Sources of Risk ; Comparative Statics ; Increases in Risk
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In this paper we propose an answer to the following problem of comparative statics in models with multiple sources of risk: How a risk averse agent will change his coinsurance demand when the distribution of the insurable loss is shifted? To answer the question, we first comment on Jack Meyer's results and then we show how an alternate approach leads to more definitive comparative statics.
    Type of Medium: Electronic Resource
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  • 8
    Electronic Resource
    Electronic Resource
    Springer
    The Geneva risk and insurance review 17 (1992), S. 35-60 
    ISSN: 1554-9658
    Keywords: Ambiguity ; Pricing ; Actuaries ; Decision Processes
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper reports on the results of a questionnaire study of pricing decisions made by professional actuaries when the probabilities of a loss are either ambiguous or nonambiguous. Theoretical hypotheses derived from the expected utility model were compared with the implications of procedures described by practicing actuaries. Actuaries were asked to act as consultants to a computer manufacturer concerning the price of a warranty. The suggested prices were considerably higher when probabilities were ambiguous than when they were well-specified. These pricing decisions were consistent with the procedures described by actuaries but inconsistent with predictions from expected utility theory when the risks are perfectly correlated. Further insight into the actual decision process is provided by interviews with actuaries and an analysis of comments written on the questionnaire forms.
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  • 9
    Electronic Resource
    Electronic Resource
    Springer
    The Geneva risk and insurance review 17 (1992), S. 61-75 
    ISSN: 1554-9658
    Keywords: Saving ; Borrowing ; Increases in Risk Aversion ; Increases in Risk ; Multivariate NonExpected Utility Model
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We adopt the multivariate non-expected utility approach proposed by Yaari [1986] to provide a characterization of the comparative statics effects of greater risk aversion and of mean-preserving increases in risk on saving and borrowing in the presence of income and interest rate risk. We show that in Yaari's model, it is possible to extend the applicability of the Diamond and Stiglitz [1974] and Kihlstrom and Mirman [1974] (DSKM) single-crossing property to establish a relationship between greater risk aversion and saving (or borrowing) on the basis of the individual's ordinal preferences as long as the two risks are independent. We also demonstrate that the comparative statics effects of a joint mean-preserving increase in random income and interest rate on saving and borrowing can be determined by an extension of the DSKM single-crossing property.
    Type of Medium: Electronic Resource
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  • 10
    Electronic Resource
    Electronic Resource
    Springer
    The Geneva risk and insurance review 15 (1990), S. 5-16 
    ISSN: 1554-9658
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
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