Original German edition published with title "Versicherungsökonomie".
2012, XVI, 452 p.
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Brings together insurance topics that nowhere else are covered in a single volume
Shows where private insurance has a competitive edge over social insurance and where it does not
Throughout the text, conclusions condense arguments and findings, both for learning and future reference
Insurance Economics brings together the economic analysis of decision making under risk, risk management and demand for insurance by individuals and corporations, objectives pursued and management tools used by insurance companies, the regulation of insurance, and the division of labor between private and social insurance. Appropriate both for advanced undergraduate and graduate students of economics, management, and finance, this text provides the background required to understand current research. Predictions derived from theoretical argument are not only stated but confronted with empirical evidence. Throughout the book, conclusions summarize results, helping readers to check their knowledge and understanding. Issues discussed include paradoxa in decision making under risk, selection of favorable risks by insurers, the possibility of a "death spiral" in insurance markets, and future challenges such as re-regulation in the wake of the 2007-09 financial crisis and the increasing availability of genetic information.
Introduction: Insurance and its Economic Role.- Risk: Measurement, Perception, and Management.- Insurance Demand I: Decisions under Risk without Diversification Possibilities.- Insurance Demand II: Decisions under Risk with Diversification Possibilities.- The Insurance Company and its Insurance Technology.- The Supply of Insurance.- Insurance Markets and Asymmetric Information.- Regulation of Insurance.- Social Insurance.- Challenges Confronting Insurance.