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  • Articles  (13,155)
  • Springer  (13,155)
  • American Physical Society (APS)
  • 1995-1999  (12,850)
  • 1945-1949  (305)
  • Economics  (13,155)
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  • Articles  (13,155)
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  • 1
    Electronic Resource
    Electronic Resource
    Introductory note (1995)
    Springer
    The Geneva risk and insurance review 20 (1995), S. 7-8 
    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/BF01098955
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  • 2
    Electronic Resource
    Electronic Resource
    Editor's note (1995)
    Springer
    The Geneva risk and insurance review 20 (1995), S. 5-5 
    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/BF01098954
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  • 3
    Electronic Resource
    Electronic Resource
    Non-expected utility and the robustness of the classical insurance paradigm (1995)
    Springer
    The Geneva risk and insurance review 20 (1995), S. 9-50 
    Details
    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.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01098956
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    Paper (German National Licenses)
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  • 4
    Electronic Resource
    Electronic Resource
    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 
    Details
    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.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01098957
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    Paper (German National Licenses)
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  • 5
    Electronic Resource
    Electronic Resource
    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 
    Details
    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.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01098958
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  • 6
    Electronic Resource
    Electronic Resource
    Risk-aversion concepts in expected- and non-expected-utility models (1995)
    Springer
    The Geneva risk and insurance review 20 (1995), S. 73-91 
    Details
    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.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01098959
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  • 7
    Electronic Resource
    Electronic Resource
    Government action, biases in risk perception, and insurance decisions (1995)
    Springer
    The Geneva risk and insurance review 20 (1995), S. 93-110 
    Details
    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.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01098960
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  • 8
    Electronic Resource
    Electronic Resource
    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 
    Details
    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.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01098961
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  • 9
    Electronic Resource
    Electronic Resource
    Functional form problems in modeling insurance and gambling (1995)
    Springer
    The Geneva risk and insurance review 20 (1995), S. 135-150 
    Details
    ISSN: 1554-9658
    Keywords: non-expected utility ; gambling ; insurance ; functional form problems ; risky activities in the national accounts ; state contingent commodities
    Source: Springer Online Journal Archives 1860-2000
    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.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01098962
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  • 10
    Electronic Resource
    Electronic Resource
    Insurance and catastrophes (1995)
    Springer
    The Geneva risk and insurance review 20 (1995), S. 157-175 
    Details
    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.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01258392
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