Independent Increases in Risk and Their Comparative Statics
Author : Helei Qu
Publisher :
Page : 188 pages
File Size : 27,96 MB
Release : 1994
Category : Risk
ISBN :
Author : Helei Qu
Publisher :
Page : 188 pages
File Size : 27,96 MB
Release : 1994
Category : Risk
ISBN :
Author : Jack A. Meyer
Publisher :
Page : 60 pages
File Size : 21,24 MB
Release : 1984
Category :
ISBN :
Author : Kee Nam Cheung
Publisher :
Page : 19 pages
File Size : 39,97 MB
Release : 1993
Category :
ISBN :
Author : Larry G. Epstein
Publisher :
Page : 64 pages
File Size : 36,7 MB
Release : 1978
Category : Risk
ISBN :
Author : Hailin Sun
Publisher :
Page : 32 pages
File Size : 12,34 MB
Release : 2013
Category :
ISBN :
This paper studies the comparative statics regarding changes in risk on Nash's solution to bargaining games with stochastic outcome and disagreement points. When absolute risk tolerance is linear with constant slope, the Nash's solution to bargaining with risky outcomes and risky disagreement points can be viewed as division of divisible certainty equivalent between two risk-averse agents. We show that whether a deterioration of a bargainer's risky prospect is advantageous to his opponent often depends on whether preference displays decreasing absolute risk aversion (DARA). Specifically, for perfectly correlated risky prospects, DARA à la Arrow-Pratt works to the concavity of the joint certainty equivalent with respect to a bargainer's initial wealth or size of risky exposure; for independent risky prospects, DARA à la Ross vulnerates his risk bearing under Rothschild-Stiglitz increase in risk taking the form of adding an independent noise, both leading to the bargainer's increased propensity for risk aversion as well as the joint size of the pie. These results illuminate how individual risky prospect as well as risk preference influence the cooperating partners' income shares and thus the market equilibrum of marriage formation. We also show that this result is robust under Rubinstein's non-cooperative bargaining game.
Author :
Publisher :
Page : 564 pages
File Size : 50,58 MB
Release : 2003
Category : Dissertations, Academic
ISBN :
Author : Steinar Ekern
Publisher :
Page : 13 pages
File Size : 46,81 MB
Release : 1978
Category :
ISBN :
Author : Georges Dionne
Publisher : Springer Science & Business Media
Page : 980 pages
File Size : 15,51 MB
Release : 2012-12-06
Category : Business & Economics
ISBN : 9401006423
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, price volatility, retention capacity, the pricing and design of insurance contracts in the presence of multiple risks, and the liability insurance crisis. The empirical study of information problems, financial derivatives, and large losses due to catastrophic events dominated the research agenda in the 1990's. The Handbook of Insurance provides a single reference source on insurance for professors, researchers, graduate students, regulators, consultants, and practitioners, that reviews the research developments in insurance and its related fields that have occurred over the last thirty years. The book starts with the history and foundations of insurance theory and moves on to review asymmetric information, risk management and insurance pricing, and the industrial organization of insurance markets. The book ends with life insurance, pensions, and economic security. Each chapter has been written by a leading authority in insurance, all contributions have been peer reviewed, and each chapter can be read independently of the others.
Author : Rafaela Hillerbrand
Publisher : Springer Science & Business Media
Page : 1209 pages
File Size : 12,48 MB
Release : 2012-01-12
Category : Science
ISBN : 9400714335
Risk has become one of the main topics in fields as diverse as engineering, medicine and economics, and it is also studied by social scientists, psychologists and legal scholars. But the topic of risk also leads to more fundamental questions such as: What is risk? What can decision theory contribute to the analysis of risk? What does the human perception of risk mean for society? How should we judge whether a risk is morally acceptable or not? Over the last couple of decades questions like these have attracted interest from philosophers and other scholars into risk theory. This handbook provides for an overview into key topics in a major new field of research. It addresses a wide range of topics, ranging from decision theory, risk perception to ethics and social implications of risk, and it also addresses specific case studies. It aims to promote communication and information among all those who are interested in theoetical issues concerning risk and uncertainty. This handbook brings together internationally leading philosophers and scholars from other disciplines who work on risk theory. The contributions are accessibly written and highly relevant to issues that are studied by risk scholars. We hope that the Handbook of Risk Theory will be a helpful starting point for all risk scholars who are interested in broadening and deepening their current perspectives.
Author : Gyemyung Choi
Publisher :
Page : 208 pages
File Size : 34,95 MB
Release : 1992
Category : Random variables
ISBN :