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The Economics of Risk and Insurance
Written for advanced undergraduate and master’s level courses, this book builds from a base of asymmetric information issues to discuss a wide array of topics and is illustrated with some timely examples. Covers diverse issues such as risk aversion, expected utility, and moral hazard within the pure theory of insurance Provides a clear exposition of the necessary mathematics, a feature which cannot be found in readers on the topic Utilizes an undergraduate economics major level of math Uses the simplest economic models possible to keep the text intuitive Introduces more mathematically complex techniques such as basic optimization for students wishing to 'go further' in their analysis
Finance Ritual
Finance theories are criticized for failing to capture the reality in terms of their outcomes and foundation. Nevertheless, we witness the phenomenon that financial theories are being taught and admired in business schools and actively utilized in the finance circle including financial industries, regulators and academia. This paper provides a ritual interpretation to understand this contradiction. We apply the diverse ritual theories of anthropology to the phenomenon. Among ritual theories, we borrow from the perspectives of functionalism, structuralism, and practice theory. We argue that as a ritual does, finance theories disseminate ideology and beliefs and have an effect on society (especially the finance circle). The effect is determined collectively and is not necessarily as intended by individual financial researchers and practitioners. Finance academia is viewed as an agent to officiate the rite of passage, which helps to reaffirm and recreate the unity of society and finance circle. Finance academia and the finance industry are viewed as a hierarchical structure. Finance theories can survive, as a ritual does, even if they lose their connection with reality.
Ibss: Economics: 1999
IBSS is the essential tool for librarians, university departments, research institutions and any public or private institution whose work requires access to up-to-date and comprehensive knowledge of the social sciences
On the Competition between Insurers With Superior Information
We reinvestigate the case in which insurers have superior information regarding consumer's risk types, as studied by Villeneuve (2005, European Economic Review 49, 321-340). While Villeneuve produces interesting results on insurance contracts, the diverse outcomes make it difficult to pinpoint main implications. We make slight changes to the conditions in the Villeneuve's model by considering that there are a large number of insurers to ensure the competitive market; and that, in an equilibrium, contracts are required to be optimal even if some consumers are allowed to visit not all insurers announcing the same menus. We demonstrate that no pooling equilibrium can exist and that a separating equilibrium exists if and only if the difference between loss probabilities of types is large (types are distant). In a separating equilibrium, low risks are fully insured with actuarially fair premium, while high risks are self-insured. Our results provide a refinement of Villeneuve (2005), which is analogous to the monopoly case. This paper clarifies that high risk consumers bear information costs when insurers have superior information, in contrast with standard adverse selection models.
London Marine Insurance 1438-1824
The first comprehensive history of marine insurance transacted in London from the industry's beginnings, to the early-nineteenth-century, when legislative change ended parliamentary monopolies over the business.This book describes the development and evolution of the customary, legal, and commercial institutions of marine insurance, alongside its developing organisational structures. It analyses major market interventions during the period, including state-sponsored initiatives in the late sixteenth century, the introduction of new corporate forms in the early eighteenth century, and the formation and maturation of Lloyd's of London. The book examines the impact of crises such as the Smyrna ...
Climate Change and Catastrophe Management in a Changing China
China is the largest greenhouse gas emitter in the world and also suffers from devastating climate catastrophes. Increasingly, policymakers in China have come to realize that government alone cannot adequately prevent or defray climate-related disaster risks. This book contends that a better way to manage catastrophe risk in China is through private insurance rather than directly through the Chinese government. In addition, private insurance could function as a substitute for, or complement to, government regulation of catastrophe risks by causing policyholders to take greater precautions to reduce climate change risks.
The Liability of Foreignness in International Patenting
This study investigates the different effects of the 1982 reform of the U.S. patent judiciary systems on patent scope in foreign and American firms. We first develop a model of patent scope decision-making under litigation uncertainty. We hypothesize that although the 1982 patent reform increased the scope of patents on average, it unfavorably affected the patent scope of foreign firms that were legally less capable than American firms. Using the data of the 30 years around the U.S. patent reform, we found that foreign firms tended to file patents with much narrower scopes than those of American firms after the 1982 reform. This tendency was stronger in technologically interdependent, “complex” industries than in less interdependent, “discrete” industries. If foreign firms developed and patented new technologies locally in the U.S., however, the liability of foreignness in patenting disappeared.
Publicity
We analyze the effects of publicity and mass media on the contract terms and outcomes in a simple model. Mass media affects contract outcomes because it affects public sentiment regarding the contract, which, in turn, may also affect reputation costs. This interaction of the public with the parties involved in a private contract has been virtually ignored in standard economic theories, simply because the public are outsiders to a private contract. In reality, however, mass media interacts with private contracting in the name of justice, fairness, and sympathy among others. This study incorporates such an interaction into a simple model of moral hazard. In our model, the interaction is reflec...
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위험한 위험
위험에 대한 인류의 대응으로 발명된 기제인 보험. 보험의 다른 이름인 국가 안보, 사회안전망, 안심, 신뢰 등 위험과 보험의 다양한 측면을 논의하다 이 책은 존재하지만 손에 잡히지도 않고, 실체가 보이지 않는 위험에 대처해온 인류와 사회의 대응을 보험의 측면에서 살펴본다. 사람의 일생은 위험과 고난에서 벗어날 수 없다. 자동차사고, 화재, 지진, 바이러스 등에 의한 질병, 죽음 등. 위험은 우리 주변에 늘 존재하지만, 보이지 않는다. 위험은 모습을 드러내지 않고, 그 대신 손실이라는 모습으로 실현된다. 보험은 이러한 ...
