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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