Summary |
The purpose of this book is to fill this gap in literature. It provides original surveys and essays in the field of insurance economics. The contributions offer basic reference, new material, and teaching supplements to graduate students and researchers in economics, finance, and insurance. It represents a complement to the book of readings entitled foundations of insurance economics- readings in economics and finance, recently published by the S.S. Huebner Foundation of insurance Education. In that book, the editors (G. Dionne and S. Harrington) disseminate key papers in the literature and publish an original survey of major contributions in the field.
The book is divided into two main parts. Part I contains six survey articles on subject 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 distribution. Part II extends the recent literature by presenting fourteen essays on subject of current research in a) the theory of insurance economics covering nonlinear expected utility, prudence, deviant beliefs, incomplete markets, increase 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 automobile insurance. Each paper is presented with an abstract and key words, and can be read independently of the other contributions in the volume. All of the submitted papers were reviewed by at least one anonymous referee.
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