Ebook: 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, 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.

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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.

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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.
Content:
Front Matter....Pages i-xxxiii
Front Matter....Pages 1-1
Developments in Risk and Insurance Economics: the Past 25 Years....Pages 3-33
Front Matter....Pages 35-35
Non-Expected Utility and the Robustness of the Classical Insurance Paradigm....Pages 37-96
Optimal Insurance Design: What Can We Do With and Without Expected Utility?....Pages 97-115
The Effects of Changes in Risk on Risk Taking: A Survey....Pages 117-130
The Theory of Insurance Demand....Pages 131-151
Front Matter....Pages 153-153
Optimal Insurance under Moral Hazard....Pages 155-183
Adverse Selection in Insurance Markets....Pages 185-243
The Theory of Risk Classification....Pages 245-276
The Economics of Liability Insurance....Pages 277-313
Economic Analysis of Insurance Fraud....Pages 315-362
Front Matter....Pages 363-363
Econometric Models of Insurance under Asymmetric Information....Pages 365-393
The Empirical Measure of Information Problems with Emphasis on Insurance Fraud....Pages 395-419
Incentive Effects of Workers’ Compensation: A Survey....Pages 421-458
Experience Rating through Heterogeneous Models....Pages 459-500
Front Matter....Pages 501-501
Innovation in Corporate Risk Management: the Case of Catastrophe Risk....Pages 503-539
On Corporate Insurance....Pages 541-564
Financial Risk Management in the Insurance Industry....Pages 565-591
Linking Insurance and Mitigation to Manage Natural Disaster Risk....Pages 593-618
Front Matter....Pages 619-619
Applications of Financial Pricing Models in Property-liability Insurance....Pages 621-655
Volatility and Underwriting Cycles....Pages 657-686
Front Matter....Pages 687-687
Organizational Forms Within the Insurance Industry: Theory and Evidence....Pages 689-707
Insurance Distribution Systems....Pages 709-748
The Retention Capacity of Insurance Markets in Developing Countries....Pages 749-766
Analyzing Firm Performance in the Insurance Industry Using Frontier Efficiency and Productivity Methods....Pages 767-829
Dealing with the Insurance Business in the Economic Accounts....Pages 831-869
Front Matter....Pages 871-871
Developments in Pensions....Pages 873-899
Life Insurance....Pages 901-931
The Division of Labor Between Private and Social Insurance....Pages 933-966
Back Matter....Pages 967-974

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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.
Content:
Front Matter....Pages i-xxxiii
Front Matter....Pages 1-1
Developments in Risk and Insurance Economics: the Past 25 Years....Pages 3-33
Front Matter....Pages 35-35
Non-Expected Utility and the Robustness of the Classical Insurance Paradigm....Pages 37-96
Optimal Insurance Design: What Can We Do With and Without Expected Utility?....Pages 97-115
The Effects of Changes in Risk on Risk Taking: A Survey....Pages 117-130
The Theory of Insurance Demand....Pages 131-151
Front Matter....Pages 153-153
Optimal Insurance under Moral Hazard....Pages 155-183
Adverse Selection in Insurance Markets....Pages 185-243
The Theory of Risk Classification....Pages 245-276
The Economics of Liability Insurance....Pages 277-313
Economic Analysis of Insurance Fraud....Pages 315-362
Front Matter....Pages 363-363
Econometric Models of Insurance under Asymmetric Information....Pages 365-393
The Empirical Measure of Information Problems with Emphasis on Insurance Fraud....Pages 395-419
Incentive Effects of Workers’ Compensation: A Survey....Pages 421-458
Experience Rating through Heterogeneous Models....Pages 459-500
Front Matter....Pages 501-501
Innovation in Corporate Risk Management: the Case of Catastrophe Risk....Pages 503-539
On Corporate Insurance....Pages 541-564
Financial Risk Management in the Insurance Industry....Pages 565-591
Linking Insurance and Mitigation to Manage Natural Disaster Risk....Pages 593-618
Front Matter....Pages 619-619
Applications of Financial Pricing Models in Property-liability Insurance....Pages 621-655
Volatility and Underwriting Cycles....Pages 657-686
Front Matter....Pages 687-687
Organizational Forms Within the Insurance Industry: Theory and Evidence....Pages 689-707
Insurance Distribution Systems....Pages 709-748
The Retention Capacity of Insurance Markets in Developing Countries....Pages 749-766
Analyzing Firm Performance in the Insurance Industry Using Frontier Efficiency and Productivity Methods....Pages 767-829
Dealing with the Insurance Business in the Economic Accounts....Pages 831-869
Front Matter....Pages 871-871
Developments in Pensions....Pages 873-899
Life Insurance....Pages 901-931
The Division of Labor Between Private and Social Insurance....Pages 933-966
Back Matter....Pages 967-974
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