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Essays On The Economics Of Selected Multi Period Insurance Decisions With Private Information
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Book Synopsis Essays on the Economics of Selected Multi-Period Insurance Decisions with Private Information by : Petra Steinorth
Download or read book Essays on the Economics of Selected Multi-Period Insurance Decisions with Private Information written by Petra Steinorth and published by VVW GmbH. This book was released on 2011 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Petra Steinorth präsentiert in ihrer in englischer Sprache vorgelegten kumulativen Dissertationsschrift drei theoretische Modelle, die Versicherungsentscheidungen über mehrere Perioden und bei privater Information seitens der Versicherungsnehmer ökonomisch untersuchen. Die Dissertation leistet einen wichtigen Beitrag zur theoretischen Forschung im Bereich Versicherungsökonomie, da insbesondere zu mehrperiodigen Fragestellungen noch großer Forschungsbedarf besteht: Der Beitrag ""Impact of Health Savings Accounts on Precautionary Savings, Demand for Health Insurance and Prevention Effort"" untersucht den Einfluss von steuerlich begünstigten Gesundheitssparkonten auf das Sparverhalten, die Nachfrage nach Krankenversicherung und Prävention. Im zweiten Beitrag ""Yes, No, Perhaps - Explaining the Demand for Risk Classification Insurance with Imperfect Private Information"" wird untersucht, welche Granularität der Risikoklassifizierung optimal ist, wenn die Versicherungsnehmer unvollständige private Information über ihren zukünftigen Risikotyp haben. Der dritte Beitrag ""The Demand for Enhanced Annuities"" analysiert die Reaktion des Marktes auf die Einführung von sogenannten Enhanced Annuities. Dabei handelt es sich um Rentenversicherungsprodukte, die die individuelle Lebenserwartung bei der Tarifierung berücksichtigen. Die wissenschaftliche Arbeit ist auch für Mitarbeiter in Versicherungsunternehmen von Interesse, da sie wichtige Bereiche des Produktmanagements in der Lebens- und Krankenversicherung behandelt. Petra Steinorth ́s dissertation consists of three theoretical models, which all examine the economics of selected multi-period insurance decisions with private information on the part of the insured. The thesis makes an important contribution to insurance economics literature as multi-period problems have not yet been widely studied. The article ""Impact of Health Savings Accounts on Precautionary Savings, Demand for Health Insurance and Prevention Effort"" investigates how tax incentives like health savings accounts influence savings for medical costs, the demand for health insurance and ex ante moral hazard. The second article ""Yes, no, perhaps - Explaining the Demand for Risk Classification Insurance"" examines the optimal risk classification in case the insured have incomplete private information regarding their future risk type. The third article ""The Demand for Enhanced Annuities"" analyzes the market reaction to the introduction of so-called enhanced annuities, which are annuities that take individual factors influencing life expectancy into account for pricing. The scientific dissertation is also of interest to insurance practitioners as it examines important issues in the field of health and life insurance product management."
Book Synopsis Essays on Current Topics in Life Insurance by : Gunther Kraut
Download or read book Essays on Current Topics in Life Insurance written by Gunther Kraut and published by VVW GmbH. This book was released on 2015 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: Das Buch erscheint in englischer Sprache. Das Buch widmet sich verschiedenen aktuellen Themen der Lebensversicherung, insbesondere dem Management von extremen Mortalitätsrisiken und dem Versicherungsnehmerverhalten. Am Beispiel illiquider Märkte für Katastrophenrisiken wird ein axiomatisch hergeleiteter Mechanismus entwickelt, der die Poolanteilsbestimmung in Risikotragegemeinschaften von mehreren Versicherungsunternehmen auf eindeutig bestimmte Weise fairer macht. Ein solcher Mechanismus könnte in bestimmten Marktsituationen dazu beitragen, vorhandene Marktkapazitäten effizienter zu nutzen und die sogenannte Grenze der Versicherbarkeit auszuweiten. Des Weiteren wird qualitativ untersucht, wie die Entwicklung solcher neuartigen Risikotransfertechniken durch die Versicherungsregulierung befördert oder behindert werden kann. Am Beispiel des Aufsichtsregimes Solvency II wird als Resultat dieser Analyse ein generisches internes Partialmodell entwickelt, das die Anerkennung gerade nicht-proportionaler Risikotransferinstrumente erleichtert und - wo sinnvoll - durch eine entsprechende Anreizsetzung erstrebenswert macht. Nach einem thematischen Sprung in die Welt der Sparprodukte wird zuletzt das dynamische Stornoverhalten von Versicherungsnehmern für sogenannte Variable-Annuity-Produkte empirisch untersucht. Auf verhaltensökonomischer Theorie aufbauend können Aussagen zur Finanzrationalität der Versicherungsnehmer gewonnen werden, die auch generelle Rückschlüsse auf die Bewertung von in Finanzprodukte eingebetteten Optionen durch Individuen zulassen. Durch diese breite thematische Aufstellung richtet sich das Buch sowohl an die Wissenschaft als auch an die Praxis. Insbesondere für Produktentwickler, Risikomanager und Aufseher sollten die gewonnenen Erkenntnisse von direktem Nutzen sein.
Book Synopsis Non-Life Insurance-Linked Securities: Risk and Pricing Analysis by : Thomas Nowak
Download or read book Non-Life Insurance-Linked Securities: Risk and Pricing Analysis written by Thomas Nowak and published by VVW GmbH. This book was released on 2014-09-25 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unter Insurance-Linked Securities (ILS) versteht man innovative Finanzprodukte, welche Versicherungsrisiken aus den eng abgegrenzten Märkten der Erst- und Rückversicherungswirtschaft herauslösen und mittels Verbriefung auf Kapitalmärkten handelbar machen. Durch ILS erhalten Investoren die Möglichkeit, für die Bereitstellung von Deckungskapital in Versicherungsrisiken zu investieren und im Gegenzug eine Versicherungsprämie zu erhalten. Hierbei verfolgt das Werk zwei Ziele. Zum Einen, die Durchführung einer genauen Analyse der zugrunde liegenden Zahlungsströme, der beworbenen Eigenschaften und jener Risiken, welche mit einer Investition in ILS verbunden sind. Zum Anderen, die Überprüfung der Anwendbarkeit und Passgenauigkeit vorgeschlagener versicherungsmathematischer und marktorientierter Bewertungsverfahren für ILS sowie die Unterbreitung möglicher Vorschläge für Bewertungsverfahren. Da ILS regelmäßig dazu verwendet werden Extremrisiken zu verbriefen, werden beide Untersuchungen unter expliziter Berücksichtigung der statistischen Eigenschaften von Extremrisiken durchgeführt. Im Ergebnis lässt sich festhalten, dass ILS Investitionen mit eigenen Spezifika darstellen. Investoren sollten diese kennen und berücksichtigen. Dies gilt gerade vor dem Hintergrund der stetig steigenden Zahl von ILS, welche insbesondere in den Zeiten der Niedrigzinsphase als attraktives Investment gesehen werden. Das Buch richtet sich an Investoren und Interessierte, die sich über ILS als Investitionen und deren Bewertung informieren möchten.
Book Synopsis Intermediation in Reinsurance Markets by : Laila Neuthor
Download or read book Intermediation in Reinsurance Markets written by Laila Neuthor and published by VVW GmbH. This book was released on 2013-03-01 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reinsurance cover can either be purchased directly or via an intermediating reinsurance broker. The importance of reinsurance brokers has increased steadily since the early nineties. The thesis thus aims to analyze the impact of the reinsurance broker on reinsurance market efficiency and to identify the reasons why primary insurers to an increasing extent contract via an intermediating reinsurance broker. As the reinsurance broker's intermediation services are costly for the primary, intermediation needs to increase the primary insurer's payoff or utility compared to the direct purchase of reinsurance cover. Otherwise, no primary would be willing to hire a broker firm for assistance in the reinsurance acquisition process. Chapter II clarifies the framework for reinsurance broker activity. Chapter III first gives an overview of the reinsurance broker market (III.2) with a special focus on the market concentration and the geographical importance of reinsurance brokers. In addition, the reinsurance broker's tasks before, during, and after the reinsurance contract conclusion (III.3) are introduced and the types of reinsurance broker remuneration frequently used (III.4) are outlined. Finally, the most prominent reinsurance broker regulatory frameworks (III.5) are introduced along with rationales for reinsurance broker regulation. Chapter IV is composed of five sections discussing the different aspects of the market function of the reinsurance broker. Chapter V gives a short summary of the main findings and concludes the thesis. By combining economic theory and market observations, this thesis addresses both scholars and reinsurance market specialists. Rückversicherung kann entweder direkt oder über einen vermittelnden Rückversicherungsmakler erworben werden. Die Bedeutung der Rückversicherungsmakler hat seit Anfang der 1990er Jahre international zugenommen. Vor dem Hintergrund dieser Entwicklung untersucht die Autorin die Effizienz des Rückversicherungsmarktes und die Gründe, warum Erstversicherer in zunehmendem Maße Rückversicherung über einen vermittelnden Rückversicherungsmakler abschließen. Kapitel II klärt die Rahmenbedingungen für das Tätigwerden der Rückversicherungsmakler. Kapitel III gibt zunächst einen Überblick über den Rückversicherungsmakler-Markt (III.2) mit einem besonderen Fokus auf die Marktkonzentration und die geographische Verteilung der Rückversicherungsmakler. Darüber hinaus werden die Aufgaben der Rückversicherungsmakler vor, während und nach dem Vertragsabschluss (III.3) vorgestellt und die häufigsten Arten der Vergütung (III.4) behandelt. Schließlich werden die wichtigsten Regelwerke für Rückversicherungsmakler (III.5) erläutert. Kapitel IV befasst sich detailliert mit verschiedenen Aspekten des Rückversicherungsmarktes und der Funktion der Broker. Kapitel V fasst die Ergebnisse kurz zusammen. Die Autorin verbindet ökonomische Theorie mit Marktbeobachtungen und leistet einen wichtigen Beitrag zu einem wenig erforschten Themengebiet. Die Arbeit richtet sich sowohl an Wissenschaftler als auch an die im Rückversicherungsmarkt tätigen Spezialisten.
Book Synopsis Moral Hazard in Health Insurance by : Amy Finkelstein
Download or read book Moral Hazard in Health Insurance written by Amy Finkelstein and published by Columbia University Press. This book was released on 2014-12-02 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addressing the challenge of covering heath care expenses—while minimizing economic risks. Moral hazard—the tendency to change behavior when the cost of that behavior will be borne by others—is a particularly tricky question when considering health care. Kenneth J. Arrow’s seminal 1963 paper on this topic (included in this volume) was one of the first to explore the implication of moral hazard for health care, and Amy Finkelstein—recognized as one of the world’s foremost experts on the topic—here examines this issue in the context of contemporary American health care policy. Drawing on research from both the original RAND Health Insurance Experiment and her own research, including a 2008 Health Insurance Experiment in Oregon, Finkelstein presents compelling evidence that health insurance does indeed affect medical spending and encourages policy solutions that acknowledge and account for this. The volume also features commentaries and insights from other renowned economists, including an introduction by Joseph P. Newhouse that provides context for the discussion, a commentary from Jonathan Gruber that considers provider-side moral hazard, and reflections from Joseph E. Stiglitz and Kenneth J. Arrow. “Reads like a fireside chat among a group of distinguished, articulate health economists.” —Choice
Book Synopsis Foundations of Insurance Economics by : Georges Dionne
Download or read book Foundations of Insurance Economics written by Georges Dionne and published by Springer Science & Business Media. This book was released on 2013-11-11 with total page 742 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic and financial research on insurance markets has undergone dramatic growth since its infancy in the early 1960s. Our main objective in compiling this volume was to achieve a wider dissemination of key papers in this literature. Their significance is highlighted in the introduction, which surveys major areas in insurance economics. While it was not possible to provide comprehensive coverage of insurance economics in this book, these readings provide an essential foundation to those who desire to conduct research and teach in the field. In particular, we hope that this compilation and our introduction will be useful to graduate students and to researchers in economics, finance, and insurance. Our criteria for selecting articles included significance, representativeness, pedagogical value, and our desire to include theoretical and empirical work. While the focus of the applied papers is on property-liability insurance, they illustrate issues, concepts, and methods that are applicable in many areas of insurance. The S. S. Huebner Foundation for Insurance Education at the University of Pennsylvania's Wharton School made this book possible by financing publication costs. We are grateful for this assistance and to J. David Cummins, Executive Director of the Foundation, for his efforts and helpful advice on the contents. We also wish to thank all of the authors and editors who provided permission to reprint articles and our respective institutions for technical and financial support.
Book Synopsis Handbook of Insurance by : Georges Dionne
Download or read book Handbook of Insurance written by Georges Dionne and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 980 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Geneva Papers by : Christophe Courbage
Download or read book The Geneva Papers written by Christophe Courbage and published by Springer. This book was released on 2016-04-29 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: In January 1976, Raymond Barre, the first President of The Geneva Association, and Orio Giarini, its first Secretary General, founded The Geneva Papers on Risk and Insurance with the main goal of supporting and encouraging research in the economics of risk and insurance. At that time, research in the field of insurance was still embryonic and insurance was regarded as peripheral social activity. When sustained economic growth gained traction, the function of insurance gradually emerged as a key contributor to economic development. By integrating uncertainty into economic theory and benefiting from the progress of both financial economics and decision theory, research developed further in the field of insurance economics and risk management, and is now prolific. The Geneva Papers on Risk and Insurance undeniably contributed to this evolution and its impact on research in insurance has largely exceeded what its two founding members could have expected. This volume is a special collection of papers celebrating 40 Years of The Geneva Papers on Risk and Insurance. The collection looks back at the storied history of The Geneva Papers on Risk and Insurance and features papers from some of the esteemed authors who have contributed to the journal in its lifetime. This collection of papers highlights just a few of the many themes addressed in the papers published by the journal since it was created. Nevertheless, the selection exemplifies the richness and variety of topics the field of insurance covers.
Book Synopsis Health Insurance. Selection, incentives and search by : Jonne Annemarie Bolhaar
Download or read book Health Insurance. Selection, incentives and search written by Jonne Annemarie Bolhaar and published by Rozenberg Publishers. This book was released on 2010 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Encyclopedia of Health Economics by :
Download or read book Encyclopedia of Health Economics written by and published by Newnes. This book was released on 2014-02-21 with total page 1663 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Encyclopedia of Health Economics offers students, researchers and policymakers objective and detailed empirical analysis and clear reviews of current theories and polices. It helps practitioners such as health care managers and planners by providing accessible overviews into the broad field of health economics, including the economics of designing health service finance and delivery and the economics of public and population health. This encyclopedia provides an organized overview of this diverse field, providing one trusted source for up-to-date research and analysis of this highly charged and fast-moving subject area. Features research-driven articles that are objective, better-crafted, and more detailed than is currently available in journals and handbooks Combines insights and scholarship across the breadth of health economics, where theory and empirical work increasingly come from non-economists Provides overviews of key policies, theories and programs in easy-to-understand language
Book Synopsis Insurance and Behavioral Economics by : Howard C. Kunreuther
Download or read book Insurance and Behavioral Economics written by Howard C. Kunreuther and published by Cambridge University Press. This book was released on 2013-01-28 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the behavior of individuals at risk and insurance industry policy makers involved in selling, buying and regulation.
Book Synopsis Public Finance by : Richard W. Tresch
Download or read book Public Finance written by Richard W. Tresch and published by Academic Press. This book was released on 2014-11-10 with total page 535 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public Finance remains the premier textbook on the normative theory of government policy, with the third edition propelling into the twenty-first century its examination of what government ought to be doing instead of what it is doing. The welfare aspects of public economics receive extensively renewed examination in this third edition. With four new chapters and other significant revisions, it presents detailed and comprehensive coverage of theoretical literature, empirical work, environmental issues, social insurance, behavioral economics, and international tax issues. With increased emphasis on the European Union, it is rigid enough for use by PhDs while being accessible to students less well trained in math. Moves skillfully from explaining normative theory to applying it in mathematically compact and precise terms Adds new chapters on social insurance, medical care, social security pensions, behavioral public economics, and international public finance Includes new pedagogical supplements, including end-of-chapter questions and answers Emphasizes European examples
Book Synopsis Issues in Contemporary Economics by : George R. Feiwel
Download or read book Issues in Contemporary Economics written by George R. Feiwel and published by Springer. This book was released on 1985-06-18 with total page 534 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Care Without Coverage by : Institute of Medicine
Download or read book Care Without Coverage written by Institute of Medicine and published by National Academies Press. This book was released on 2002-06-20 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many Americans believe that people who lack health insurance somehow get the care they really need. Care Without Coverage examines the real consequences for adults who lack health insurance. The study presents findings in the areas of prevention and screening, cancer, chronic illness, hospital-based care, and general health status. The committee looked at the consequences of being uninsured for people suffering from cancer, diabetes, HIV infection and AIDS, heart and kidney disease, mental illness, traumatic injuries, and heart attacks. It focused on the roughly 30 million-one in seven-working-age Americans without health insurance. This group does not include the population over 65 that is covered by Medicare or the nearly 10 million children who are uninsured in this country. The main findings of the report are that working-age Americans without health insurance are more likely to receive too little medical care and receive it too late; be sicker and die sooner; and receive poorer care when they are in the hospital, even for acute situations like a motor vehicle crash.
Book Synopsis Explorations in the Economics of Aging by : David A. Wise
Download or read book Explorations in the Economics of Aging written by David A. Wise and published by University of Chicago Press. This book was released on 2011-05 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This is the thirteenth in a series of NBER volumes on the Economics of Aging"--Introduction.
Book Synopsis Essays on Health Insurance Markets by : Kevin David Frick
Download or read book Essays on Health Insurance Markets written by Kevin David Frick and published by . This book was released on 1996 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis "Expanding Consumer Choice and Addressing 'adverse Selection' Concerns in Health Insurance" by : United States. Congress. Joint Economic Committee
Download or read book "Expanding Consumer Choice and Addressing 'adverse Selection' Concerns in Health Insurance" written by United States. Congress. Joint Economic Committee and published by . This book was released on 2005 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
