The Geneva Papers on Risk and Insurance Theory
1573-6954
0926-4957
Cơ quản chủ quản: N/A
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Economic Behaviour of the Firm and Prevention of Occupational Injuries
Tập 17 - Trang 77-85 - 1992
In this paper an economic model of the firm's behaviour is presented, examining
the interrelationship between prevention activities and employment level. A
competitive firm with a fixed capital stock is considered. Two decisions must be
made: the level of employment of homogeneous workers (L) and the level of
prevention activities (I). Although many simplifying assumptions are adopted,
the impact ...
On the Optimality of Bank Runs: Comment on Allen and Gale
Tập 28 - Trang 33-57 - 2003
This paper presents a model consistent with the business cycle view of the
origins of banking panics. As in Allen and Gale (1998), bank runs arise
endogenously as a consequence of the standard deposit contract in a world with
aggregate uncertainty about asset returns. The purpose of the paper is to show
that Allen and Gale's result about the optimality of bank runs depends on
individuals's prefere...
Financial Markets for Unknown Risks if Beliefs Differ
Tập 25 - Trang 29-49 - 2000
We consider a general equilibrium model with individual and collective risks.
The article builds on a contribution by Chichilnisky and Heal, who show that
contingent Arrow–Debreu equilibria can also be supported in economies with Arrow
securities and mutual insurance contracts. However, they show this to be true in
general only if beliefs are identical, a very restrictive assumption in the
context...
The Social Response to Environmental Risk, Edited by Daniel W. Bromley and Kathleen Segerson
Tập 19 - Trang 73-76 - 1994
Indeterminacy of Competitive Equilibrium in Incomplete Market Structures with Financial Assets as an Extreme Form of Market Coordination Breakdown
Tập 15 - Trang 81-109 - 1990
Market coordination breakdowns can be formulated in terms of Incomplete Market
Structures, whatever is the assumption made about market power (monopoly or
competition). When the assumption of competition is made, and financial assets
generate an incomplete market structure, there are, generically, an infinite
number of equilibria. It is shown that after embedding the model of incomplete
markets in...
Multivariate Risk Aversion and Uninsurable Risks: Theory and Applications
- 1991
The objective of this paper is to develop conditions for global multivariate
comparative risk aversion in the presence of uninsurable, or background, risks,
and thus generalize Kihlstrom and Mirman [1974] and Karni [1979, 1989]. We
analyze von Neumann-Morgenstern (VNM) utility functionsas well as smooth
preference functionals which are nonlinear in distribution but locally linear in
probabilities....
Long-Term Care Insurance and Life Insurance Demand
Tập 23 - Trang 49-61 - 1998
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
parameter...
An Extended Family of Financial-Risk Measures
Tập 23 - Trang 89-117 - 1998
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 ...