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

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

ISBN-10: 9048157889

ISBN-13: 9789048157884

ISBN-10: 9401711682

ISBN-13: 9789401711685

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

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Extra resources for Contributions to Insurance Economics

Sample text

The apparent lack of copayment may be deceptive if physicians face significant copayment in the form of uninsurable time and disutility of being sued, or higher premium costs if they are denied coverage by more selective, lower-cost insurers (Danzon, 1985a). To the extent copayment and experience rating exist, it is usually based on additional information to distinguish Type 2 errors from valid claims, rather than automatic copayment for all paid claims, consistent with the hypothesis that the risk of judicial error contributes to the lack of demand for experience-rated policies.

Equivalently, let us use first-order Taylor expansions of ui(W1 - 0 - P) around Ul(W1 - D - P) for all 0 < D. This procedure generates the following approximation: E[ui(W1 - 0 = ui(W1 - + /(0) - P)] faD D - P) + Ul(W1 - D - P) (D - O)dF(O) Equation 15 may then be rewritten as kt1 = (1 + k) D (16) fo (D - O)dF(O), where t1 = -ui(W1 - D - P)/U'l(W1 - D - P) is the risk tolerance coefficient measured at the minimum wealth level. To get a simplified guiding rule to determine the optimal deductible, observe that DF(O) ~ faD (D - O)dF(O) ~ D(F(D) - F(O)) ~ D, It results that equation 16 yields: kt1 1+ k ~ D ~ kt1 F(0)(1 + k) (17) ECONOMIC THEORY OF RISK EXCHANGES: A REVIEW 17 The lower bound has been found by Dreze (1981) to infer risk aversion from the choice of deductibles in insurance contracts.

2. Other forms of coverage The first extension to Arrow's original model is due to Arrow (1971) himself and Raviv (1979) who analyzed the case of risk-averse insurers. Raviv solved program 9 for C(I) = Co + kI and uzO ~ O. He proved that a policy involving coinsurance of losses above a deductible is ex ante Pareto efficient. This is a combination of the deductible result - to limit deadweight transaction cost - and the efficient sharing of risks between two risk-averse persons as presented in section 1.

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