Contributions to Insurance Economics
For a number of years, I have been teaching and doing research in the economics of uncertainty, information, and insurance. Although it is now possible to find textbooks and books of essays on uncertainty and in formation in economics and finance for gra
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Huebner International Series on Risk, Insurance, and Economic Security J. David Cummins, Editor The Wharton School University of Pennsylvania Philadelphia, Pennsylvania, USA Series Advisors: Dr. Phelim P. Boyle University of Waterloo, Canada Dr. Jean Lemaire University of Pennsylvania, USA Professor Akihiko Tsubol Kagawa University, Japan Dr. Richard Zeckhauser Harvard University, USA OTHER books in the series: Cummins, J. David; Smith, Barry D.; Vance, R. Neil; VanDerhei, Jack L.: Risk Classification in Life Insurance Mintel, Judith: Insurance Rate Litigation Cummins, J. David: Strategic Planning and Modeling in Property-Liability Insurance Lemaire, Jean: Automobile Insurance: Actuarial Models Rushing, William.: Social Functions and Economic Aspects of Health Insurance Cummins, J. David and Harrington, Scott E.: Fair Rate of Return in Property-Liability Insurance Appel, David and Borba, Philip S.: Workers Compensation Insurance Pricing Cummins, J. David and Derrig, Richard A.: Classical Insurance Solvency Theory Borba, Philip S. and Appel, David: Benefits, Costs, and Cycles in Workers Compensation Cummins, J. David and Derrig, Richard A.: Financial Models of Insurance Solvency Williams, C. Arthur: An International Comparison of Workers' Compensation Cummins, J. David and Derrig, Richard A.: Managing the Insolvency Risk of Insurance Companies The objective of the series is to publish original research and advanced textbooks dealing with all major aspects of risk bearing and economic security. The emphasis is on books that will be of interest to an international audience. Interdisciplinary topics as well as those from traditional disciplines such as economics, risk and insurance, and actuarial science are within the scope of the series. The goal is to provide an outiet for imaginative approaches to problems in both the theory and practice of risk and economic security.
Contributions to Insurance Economics edited by Georges Dionne Universite de Montreal
SPRINGER SCIENCE+BUSINESS MEDIA, LLC
Library of Congres. CatBloging-in-Publicatlon Data
Contributions to insurance economies/edited by Georges Dionne. p. cm. - (Huebner international series on risk, insurance, and economic security) Ineludes bibliographieal relerenees and index. ISBN 978-90-481-5788-4 ISBN 978-94-017-1168-5 (eBook) DOI 10.1007/978-94-017-1168-5 1. Insurance. 2. Risk (Insurance) 1. Dionne, Georges. II. Series. HG8052.C66 1991 368-de20 91-19773 CIP Copyright © 1992 by Springer Seience+Business Media New York Originally published by Kluwer Academic Publishers in 1992
AII righls reserved. No part of this publication may be reprodueed, stored in a retrieval system or transmitted in any lorm or by any means, mechanical, photo-copying, recording, or otherwise, wilhout the prior written permission 01 the publisher, Springer Science+Business Media, LLC. Printed on acid-free papar.
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Contents
Preface
ix
List of Contributors
xi
List of Referees
xiii
Introduction
xv
Part I: Survey Articles
• Economic