The Geneva Papers on Risk and Insurance Theory
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The Production of Goods in Excess of Demand: A Generalization of Self-Protection
The Geneva Papers on Risk and Insurance Theory - Tập 25 - Trang 51-63 - 2000
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, t......
Von Furstenberg's Acting under Uncertainty: Multidisciplinary Conceptions
The Geneva Papers on Risk and Insurance Theory - Tập 16 - Trang 201-203 - 1991
Diffidence Theorem, State-Dependent Preferences, and DARA
The Geneva Papers on Risk and Insurance Theory - Tập 26 - Trang 139-154 - 2001
C. Gollier (The Economics of Risk and Time. Cambridge: MIT Press, 2001) has developed a standard technique based on the diffidence theorem. This theorem provides a very simple instrument to solve relatively sophisticated problems when preferences are state-independent. The object of this article is to show that the theorem is also very useful to derive significant results with state-dependent pref......
Will Private Health Insurance Make the Distribution of Public Health Subsidies More Equal? The Case of India
The Geneva Papers on Risk and Insurance Theory - Tập 28 - Trang 131-160 - 2003
This paper assesses the impact of the entry of private players in the health insurance market on the size of the insurance market and the distribution of public health subsidies on health care provision in India. Simulation results presented in the paper suggest that the redistributive effect is small when richer groups have privileged access to public facilities.
Non-Expected Utility and The Robustness of the Classical Insurance Paradigm: Discussion
The Geneva Papers on Risk and Insurance Theory - Tập 20 - Trang 51-56 - 1995
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.
Equilibrium in a Reinsurance Market: Introducing Taxes
The Geneva Papers on Risk and Insurance Theory - Tập 19 - Trang 101-117 - 1994
We introduce profit taxation in Borch's [1962] model of a competitive insurance market. We analyze the impact of taxation on equilibrium prices and characterize the cases where optimal risk sharing is preserved. In the case of Constant Relative Risk Aversion (CRRA) utility functions, this abstract characterization is translated into simple conditions involving the solvency ratios of the companies.......
Investment Under Demand Uncertainty: The Newsboy Problem Revisited
The Geneva Papers on Risk and Insurance Theory - Tập 21 - Trang 179-189 - 1996
In this article we study the effect of uncertainty on an entrepreneur who must choose the capacity of his business before knowing the demand for his product. The unit profit of operation is known with certainty, but there is no flexibility in our one-period framework. We show how the introduction of global uncertainty reduces the investment of the risk-neutral entrepreneur and, even more, that of ......
The Valuation of Insurance under Uncertainty: Does Information about Probability Matter?
The Geneva Papers on Risk and Insurance Theory - Tập 26 - Trang 195-224 - 2001
In a laboratory experiment we test the hypothesis that consumers' valuation of insurance is sensitive to the amount of information available on the probability of a potential loss. In order to test this hypothesis we simulate a market in which we elicit individuals' willingness to pay to insure against a loss characterised either by known or else vague probabilities. We use two distinct treatments......
The Social Response to Environmental Risk, Edited by Daniel W. Bromley and Kathleen Segerson
The Geneva Papers on Risk and Insurance Theory - Tập 19 - Trang 73-76 - 1994
A Normative Analysis of Capital Income Taxes in the Presence of Aggregate Risk
The Geneva Papers on Risk and Insurance Theory - Tập 18 - Trang 55-76 - 1993
A simple portfolio model is used to examine the efficiency effects of capital income taxes when the economy faces aggregate risk. To achieve a first best optimum the use of state contingent lump sum taxes is required. Through the tax policy the riskiness of total consumption is partly assigned to the private consumption and partly to the public consumption. State independent income taxes may gener......
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