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Handbook of the Economics of Risk and Uncertainty
book

Handbook of the Economics of Risk and Uncertainty

by Mark Machina, W. Kip Viscusi
November 2013
Beginner content levelBeginner
896 pages
35h 10m
English
North Holland
Content preview from Handbook of the Economics of Risk and Uncertainty
Economic Analysis of Risk and Uncertainty Induced by Health Shocks: A Review and Extension
457
equilibrium insurance coverage. Arrow’s seminal work on insurance contemplated the
situation where insurance prices would deviate from actuarially fair values due to pro-
duction costs of various kinds, such as those relating to agent commissions and to com-
pany overhead. The impact on insurance purchase of course depends on the nature of
the cost structure. Arrow showed that, in circumstances where the premium was deter-
mined by the expected loss times a proportional expense loading, the optimal insurance
contract would feature full coverage beyond a ...
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Publisher Resources

ISBN: 9780444536853