Handbook of Insurance
In the 1970's, the research agenda in insurance was dominated by optimal insurance coverage, security design, and equilibrium under conditions of imperfect information. The 1980's saw a growth of theoretical developments including non-expected utility, pr
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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 Tsuboi Kagawa University, Japan Dr. Richard Zeckhauser Harvard University, USA
Other books in the series: Cummins, 1. David and Derrig, Richard A.: Classical Insurance Solvency Theory Borba, Philip S. and Appel, David: Benefits, Costs, and Cycles in Workers' Compensation Cummins, 1. David and Derrig, Richard A.: Financial Models of Insurance Solvency Williams, C. Arthur: An International Comparison of Workers' Compensation Cummins, 1. David and Derrig, Richard A.: Managing the Insolvency Risk of Insurance Companies Dionne, Georges: Contributions to Insurance Economics Dionne, Georges and Harrington, Scott E.: Foundations of Insurance Economics Klugman, Stuart A.: Bayesian Statistics in Actuarial Science Durbin, David and Borba, Philip: Workers' Compensation Insurance: Claim Costs, Prices and Regulation Cummins, 1. David: Financial Management of Life Insurance Companies Gustavson, Sandra G. and Harrington, Scott E.: Insurance, Risk Management, and Public Policy Lemaire, Jean: Bonus-Malus Systems in Automobile Insurance Dionne, Georges and Laberge-Nadeau, Claire: Automobile Insurance: Road Safety, New Drivers, Risks, Insurance Fraud and Regulation Taylor, Greg: Loss Reserving: An Actuarial Perspective
Handbook of Insurance
Edited by
Georges Dionne Risk Management Chair HEC-Montrea1
SPRINGER SCIENCE+BUSINESS MEDIA, LLC
ISBN 978-0-7923-7911-9 ISBN 978-94-010-0642-2 (eBook) DOI 10.1007/978-94-010-0642-2 Library of Congress Cataloging-in-Publication Data A C.l.P. Catalogue record for this book is available from the Library of Congress.
Copyright © 2000 by Springer Sciencet-Business Media New York Originally published by Kluwer Academic Publishers in 2000 AII rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher, Springer Science+Business Media, LLC.
Printed on acid-free paper.
To: J. David Cummins, University of Pennsylvania Robert Lacroix, Universite de Montreal Pierre Picard, Universite de Paris X-Nanterre Jean-Marie Toulouse HEC-Montreal for providing me significant leverages over the past twenty years.
TABLE OF CONTENTS
CONTRIBUTING AUTHORS REFEREES
XVll
XIX
PREFACE Denis Kessler
XXll1
INTRODUCTION Georges Dionne
XXVll
PART I
HISTORY
DEVELOPMENTS IN RISK AND INSURANCE ECONOMICS: THE PAST 25 YEARS Henri Louberge 1.1 1.2 1.3 1.4 1.5 1.6 PART II
Introduction Insurance economics in 1973 Developments New approaches: finance and insurance Conclusion References INSURANCE THEORY WITHOUT INFORMATION PROBLEMS
2 NON-EXPECTED UTILITY AND THE ROBUSTNESS OF THE CLASSICAL INSURANCE PARADIGM Mark J Machina 2.1 2.2 2.3