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  • 11
    Electronic Resource
    Electronic Resource
    Full Insurance, Bayesian Updated Premiums, and Adverse Selection (1997)
    Springer
    The Geneva risk and insurance review 22 (1997), S. 135-150 
    Details
    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.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008668101366
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  • 12
    Electronic Resource
    Electronic Resource
    Background Uncertainty and the Demand for Insurance Against Insurable Risks (1998)
    Springer
    The Geneva risk and insurance review 23 (1998), S. 7-27 
    Details
    ISSN: 1554-9658
    Keywords: insurance ; background risk ; prudence
    Source: Springer Online Journal Archives 1860-2000
    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.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008621712979
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  • 13
    Electronic Resource
    Electronic Resource
    A Model of an Oligopoly in an Insurance Market (1998)
    Springer
    The Geneva risk and insurance review 23 (1998), S. 41-48 
    Details
    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.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008677913887
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  • 14
    Electronic Resource
    Electronic Resource
    Coalition-Proof Allocations in Adverse-Selection Economies (1999)
    Springer
    The Geneva risk and insurance review 24 (1999), S. 5-17 
    Details
    ISSN: 1554-9658
    Keywords: adverse selection ; coalition proof ; insurance
    Source: Springer Online Journal Archives 1860-2000
    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.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008762430952
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  • 15
    Electronic Resource
    Electronic Resource
    Optimal Insurance Under Random Auditing (1999)
    Springer
    The Geneva risk and insurance review 24 (1999), S. 29-54 
    Details
    ISSN: 1554-9658
    Keywords: insurance ; auditing ; risk aversion
    Source: Springer Online Journal Archives 1860-2000
    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.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008781131861
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  • 16
    Electronic Resource
    Electronic Resource
    The Production of Goods in Excess of Demand: A Generalization of Self-Protection (2000)
    Springer
    The Geneva risk and insurance review 25 (2000), S. 51-63 
    Details
    ISSN: 1554-9658
    Keywords: reserve goods ; self-protection ; insurance
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We consider a risk-averse firm producing a limited number of goods that can be defective. The firm must determine its level of production before knowing which goods will be defective. Such is the case, for example, for a producer of telecommunications satellites. The problem under scrutiny can be interpreted as a generalization of self-protection for more than two states of nature. In our model, the firm determines jointly its level of production and its demand for insurance. It is shown that, under reasonable assumptions, the two strategies are complements.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008797407679
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  • 17
    Electronic Resource
    Electronic Resource
    Genetic Screening and Price Discrimination in Insurance Markets (2000)
    Springer
    The Geneva risk and insurance review 25 (2000), S. 103-130 
    Details
    ISSN: 1554-9658
    Keywords: insurance ; genetic information ; discrimination
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Basing insurance prices on the results of an imperfect screening test to identify risk types can reduce or increase aggregate discrimination across insureds. We present a powerful and general new framework of analysis to examine this issue, drawing upon recent work which uses decomposable inequality indices to measure vertical and horizontal inequity in taxation. We find that, whilst improved test performance inevitably reduces vertical discrimination (in the average prices faced by different risk types), even very accurate tests can lead to substantial horizontal discrimination (within risk types) and enhanced overall discrimination. These conclusions are shown to be robust to a range of different value judgements about how to aggregate individual discriminatory effects and to be particularly relevant to the case of genetic screening.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008745627439
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  • 18
    Electronic Resource
    Electronic Resource
    Centralizing Insurance Fraud Investigation (2000)
    Springer
    The Geneva risk and insurance review 25 (2000), S. 159-178 
    Details
    ISSN: 1554-9658
    Keywords: fraud bureau ; ex post moral hazard ; asymmetric information ; insurance
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The study of insurance fraud and its remedy is a hot topic of research, mainly because the problem of insurance fraud is so widespread. In the United States many state governments have setup agencies to combat fraud. These Insurance Fraud Bureaus (IFB) are typically established to gather information about potential fraudulent claims, and to advise prosecuting officers on the nature of each offense. This paper presents the conditions under which more fraud will be observed in an economy where an IFB conducts all audits than in an economy where each insurance company is responsible for its own investigation. Even if fraud increases, policyholders may be better off than in economy lacking an IFB. One unambiguous case where policyholders are always better is when the IFB conducts every investigation at a cost that is equal to the industry's average.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008766413327
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  • 19
    Electronic Resource
    Electronic Resource
    Workload planning in small lot printed circuit board assembly (1997)
    Springer
    OR spectrum 19 (1997), S. 147-157 
    Details
    ISSN: 1436-6304
    Keywords: Key words: production ; scheduling ; printed circuit board assembly ; modelling ; linear programming ; aggregational error ; decision support ; Schlüsselwörter: Produktion ; Ablaufplanung ; Leiterplattenbestückung ; Modellierung ; lineare Programmierung ; Aggregationsfehler ; Entscheidungsunterstützung ; S′jm = Sjm ; SFj(r)(12)
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Description / Table of Contents: Zusammenfassung. Bei der Kleinserienmontage von Leiterplatten besteht das Problem der Einlastungsplanung darin, ein Tagesprogramm an Produktionsaufträgen zusammenzustellen, die gemeinsam in das Produktionssystem eingeschleust werden. Jeder Produktionsauftrag entspricht einem bestimmten Leiterplattentyp. Wechselt man bei der automatischen Bestückung von Leiterplatten zu einem neuen Leiterplattentyp, so fallen erhebliche Rüstzeiten an, die davon abhängen, wie viele Bauteilezuführungen im Magazin der Bestückungsautomaten ausgewechselt werden müssen. Zur Unterstützung dieses Entscheidungsproblems werden zwei unterschiedliche Modelle der linearen Optimierung entwickelt. Die beiden Modelle unterscheiden sich vor allem durch ihren Aggregationsgrad und ihren Rechenaufwand. Zur Verringerung des Aggregationsfehlers wird ein auf der Fuzzy-Set-Theorie beruhender Ansatz zur Abschätzung der bei automatischen SMD-Bestückungsautomanten auftretenden Rüstzeiten entwickelt. Hierbei wird als industrielles Anwendungsbeispiel die Leiterplattenbestückung in einem bedeutenden Elektronikunternehmen betrachtet. Die durchgeführte numerische Untersuchung zeigt, daß das hochaggregierte Fuzzy-LP-Modell zu hinreichend genauen Lösungen führt und erheblich geringeren Rechenaufwand verursacht als ein detaillierteres LP-Modell. Außerdem wird die praktische Eignung des Fuzzy-LP-Modells für den Einsatz innerhalb eines interaktiven Entscheidungsunterstützungssystems verdeutlicht.
    Notes: Abstract. The problem of workload planning in small lot printed circuit board (PCB) assembly concerns the determination of the daily mix of production orders to be released into the production system. When switching from one production order (board type) to another, a considerable set-up time is incurred based on the number of component feeders to be replaced in the component magazine of the assembly machines. To support the order-mix decision faced by a major electronics manufacturer, two versions of a linear programming model are developed. The models differ primarily in their degree of aggregation and their computational effort. In order to reduce the aggregational error incurred, a fuzzy approach is developed to estimate the number of component set-ups at automatic SMD placement machines. Our numerical investigation reveals that sufficiently accurate solutions may be obtained from a highly aggregate fuzzy LP-model and this is achieved with considerably less computational effort than with a more detailed LP-model. We also demonstrate the potential suitability of the fuzzy LP-model for implementation within an interactive decision support system.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01545517
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  • 20
    Electronic Resource
    Electronic Resource
    Workload planning in small lot printed circuit board assembly (1997)
    Springer
    OR spectrum 19 (1997), S. 147-157 
    Details
    ISSN: 1436-6304
    Keywords: production ; scheduling ; printed circuit board assembly ; modelling ; linear programming ; aggregational error ; decision support ; Produktion ; Ablaufplanung ; Leiterplattenbestückung ; Modellierung ; lineare Programmierung ; Aggregationsfehler ; Entscheidungsunterstützung
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Description / Table of Contents: Zusammenfassung Bei der Kleinserienmontage von Leiterplatten besteht das Problem der Einlastungsplanung darin, ein Tagesprogramm an Produktionsaufträgen zusammenzustellen, die gemeinsam in das Produktionssystem eingeschleust werden. Jeder Produktionsauftrag entspricht einem bestimmten Leiterplattentyp. Wechselt man bei der automatischen Bestückung von Leiterplatten zu einem neuen Leiterplattentyp, so fallen erhebliche Rüstzeiten an, die davon abhängen, wie viele Bauteilezuführungen im Magazin der Bestückungsautomaten ausgewechselt werden müssen. Zur Unterstützung dieses Entscheidungsproblems werden zwei unterschiedliche Modelle der linearen Optimierung entwickelt. Die beiden Modelle unterscheiden sich vor allem durch ihren Aggregationsgrad und ihren Rechenaufwand. Zur Verringerung des Aggregationsfehlers wird ein auf der Fuzzy-Set-Theorie beruhender Ansatz zur Abschätzung der bei automatischen SMD-Bestückungsautomanten auftretenden Rüstzeiten entwickelt. Hierbei wird als industrielles Anwendungsbeispiel die Leiterplattenbestückung in einem bedeutenden Elektronikunternehmen betrachtet. Die durchgeführte numerische Untersuchung zeigt, daß das hochaggregierte Fuzzy-LP-Modell zu hinreichend genauen Lösungen führt und erheblich geringeren Rechenaufwand verursacht als ein detaillierteres LP-Modell. Außerdem wird die praktische Eignung des Fuzzy-LP-Modells für den Einsatz innerhalb eines interaktiven Entscheidungsunterstützungssystems verdeutlicht.
    Notes: Abstract The problem of workload planning in small lot printed circuit board (PCB) assembly concerns the determination of the daily mix of production orders to be released into the production system. When switching from one production order (board type) to another, a considerable set-up time is incurred based on the number of component feeders to be replaced in the component magazine of the assembly machines. To support the order-mix decision faced by a major electronics manufacturer, two versions of a linear programming model are developed. The models differ primarily in their degree of aggregation and their computational effort. In order to reduce the aggregational error incurred, a fuzzy approach is developed to estimate the number of component set-ups at automatic SMD placement machines. Our numerical investigation reveals that sufficiently accurate solutions may be obtained from a highly aggregate fuzzy LP-model and this is achieved with considerably less computational effort than with a more detailed LP-model. We also demonstrate the potential suitability of the fuzzy LP-model for implementation within an interactive decision support system.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01545517
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