Contributions to Insurance Economics / Edition 1

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This book offers a basic reference, new material and teaching supplements to graduate students and researchers in economics, finance and insurance.
The book is divided into two main parts. Part I contains six survey articles on different subjects that represent significant developments over the past years: optimality of insurance contracting, liability insurance, moral hazard, adverse selection, insurance pricing and econometric estimation of accident distributions. Part 2 extends the recent literature by presenting fourteen essays on different subjects of current research in: (a) the theory of insurance economics covering nonlinear expected utility, prudence, deviant beliefs, incomplete markets, increases in risk, ambiguity; (b) problems of information including moral hazard and competitive markets, adverse selection and probationary periods, incomplete information and risk categorization; and (c) empirical studies on workers' compensation, adverse selection and the effects of no-fault in automobile insurance. Each paper is presented with an abstract and keywords, and can be read independently of the other contributions in the volume.

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Editorial Reviews

From the Publisher
'In conclusion, I recommend Contributions to Insurance. It does an excellent job of readers of the Journal of Risk and Insurance economics, remind the reader of the advances that are being made, and of equal if not more importance, sets the stage for a future research agenda in this area.' Journal of Risk and Insurance
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Product Details

Table of Contents

Preface. Introduction. Part I: Survey Articles. Economic Theory of Risk Exchanges: A Review; C. Gollier. The Demand and Supply of Liability Insurance; P.M. Danzon, S.E. Harrington. Moral Hazard and Insurance Contracts; R.A. Winter. Adverse Selection in Insurance Markets: A Selective Survey; G. Dionne, N. Doherty. Financial Pricing of Property and Liability Insurance; J.D. Cummins. Econometric Models of Accident Distributions; M. Boyer, G. Dionne, C. Vanasse. Part II: Essays. A. Theoretical Models. Optimal Insurance: A Non Expected Utility Analysis; E. Karni. Background Risk, Prudence and the Demand for Insurance; L. Eeckhoudt, M. Kimball. Optimum Insurance with Deviant Beliefs; J.M. Marshall. Increases in Risk and the Demand for Insurance; Y. Alarie, G. Dionne, L. Eeckhoudt. Crop Insurance in Incomplete Markets; B. Ramaswami, T.L. Roe. How Does Ambiguity Affect Insurance Decisions? H. Kunreuther, R.M. Hogarth. Moral Hazard and Competitive Insurance Markets; R.J. Arnott. Probationary Periods and Time-Dependent Deductibles in Insurance Markets with Adverse Selection; C. Fluet. Insurance Classifications and Social Welfare; S.A. Rea. B. Empirical Models. Social Insurance in Market Contexts: Implications of the Structure of Workers' Compensation for Job Safety and Wages; M.J. Moore, W.K. Viscusi. Testing for Asymmetric Information in Canadian Automobile Insurance; B. Dahlby. Incentive Effects of no Fault Automobile Insurance: Evidence from Insurance Claim Data; J.D. Cummins, M.A. Weiss. Measuring the Effects of the 1978 Quebec Automobile Insurance Act with the DRAG Model; M. Gaudry. Liability versus No-Fault Automobile Insurance Regimes: An Analysis of the Experience in Quebec; R.A. Devlin. Index.

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