保险经济学 英文版 修订版PDF|Epub|txt|kindle电子书版本网盘下载

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1 Introduction:Insurance and Its Economic Role1

1.1 Basics and Definitions1

1.2 Risks and Their Development Over Time3

1.3 Macroeconomic Importance of Insurance6

1.4 Functions of Insurance11

1.5 Major Determinants of the Demand for Insurance15

1.5.1 The Effects of Wealth and Income15

1.5.2 The Effect of Price18

1.6 System Analysis and Organization of the Book21

1.E Exercises23

2 Risk:Measurement,Perception,and Management25

2.1 Definition and Measurement of Risk26

2.1.1 Definition of Risk26

2.1.2 Measurement of Risk27

2.2 Subjective Perception of Risk,Risk Aversion,and the Risk Utility Function32

2.2.1 Risk Perception as a Subjective and Cultural Phenomenon32

2.2.2 Risk Aversion and the Risk Utility Function34

2.3 Willingness to Pay for Certainty,Risk Aversion,and Prudence43

2.3.1 Willingness to Pay for Certainty,Certainty Equivalent,and Risk Premium43

2.3.2 Risk Premium and Coefficients of Risk Aversion46

2.3.3 Prudence and Higher-Order Derivatives of the Risk Utility Function51

2.4 Estimates of Risk Aversion53

2.4.1 Microeconomic Evidence54

2.4.2 Macroeconomic Evidence55

2.5 Instruments of Risk Management57

2.6 Effectiveness of Risk Management and Risk Policy Measures60

2.A Appendix:Stochastic Dominance65

2.A.1 First-Degree Stochastic Dominance65

2.A.2 Second-Degree Stochastic Dominance67

2.E Exercises69

3 Insurance Demand Ⅰ：Decisions Under Risk Without Diversification Possibilities71

3.1 The Expected Utility Maximization Hypothesis71

3.2 Theory of Insurance Demand76

3.2.1 The Basic Model76

3.2.2 Insurance Demand in the Presence of Irreplaceable Assets81

3.3 Demand for Insurance Without Fair Premiums84

3.3.1 Optimal Degree of Coverage Without Fair Premiums84

3.3.2 Risk Aversion as a Determinant of Insurance Demand88

3.3.3 Premium Rate and Wealth as Determinants of Insurance Demand89

3.3.4 Pareto-Optimal Insurance Contracts94

3.4 Demand for Insurance with Multiple Risks96

3.5 Relation Between Insurance Demand and Prevention100

3.6 Critique of the Expected Utility Hypothesis and Alternatives105

3.6.1 Anomalies of Expected Utility Theory105

3.6.2 Alternatives to Expected Utility Theory108

3.E Exercises109

4 Insurance Demand Ⅱ:Deeisions Under Risk with Diversification Possibilities111

4.1 Risk Management and Diversification112

4.1.1 Risk Management and Internal Diversification112

4.1.2 Risk Diversification Through the Capital Market116

4.1.3 The Capital Asset Pricing Model(CAPM)124

4.1.4 Arbitrage Pricing Theory (APT)130

4.2 Risk Management,Forward Contracts,Futures,and Options132

4.2.1 Hedging Through Forward Contracts and Options132

4.2.2 Hedging Through Stock Options135

4.3 Corporate Demand for Insurance139

4.3.1 Demand for Insurance in the Light of Capital Market Theory139

4.3.2 Empirical Studies of Corporate Demand for Insurance143

4.3.3 Reasons for Corporate Demand for Insurance Not Related to the Capital Market146

4.E Exercises148

5 The Insurance Company and Its Insurance Technology151

5.1 Financial Statements of an Insurance Company152

5.1.1 The Balance Sheet152

5.1.2 Operational Statement156

5.2 Objectives of the IC160

5.2.1 Theoretical Considerations160

5.2.2 Empirical Evidence Concerning the Importance of IC Objectives163

5.3 Survey of Insurance Technology of an IC167

5.3.1 What is the Output of an IC?167

5.3.2 Instruments of Insurance Technology169

5.4 Choice of Distribution Channel170

5.4.1 Main Distribution Channels for Insurance Products170

5.4.2 The Principal-Agent R.elationship as the Underlying Problem171

5.4.3 A Comparison of Cost of Distribution Channels Using U.S. Data173

5.4.4 A Study Relating Performance to Incentives175

5.5 Underwriting Policy177

5.5.1 Instruments of Underwriting Policy177

5.5.2 A Simple Model of Risk Selection178

5.6 Controlling Moral Hazard Effects180

5.7 Reinsurance184

5.7.1 Functions of Reinsurance184

5.7.2 Types of Reinsurance186

5.7.3 A Model of Demand for Reinsurance Based on Option Pricing Theory188

5.7.4 Empirical Testing of the Model194

5.8 Capital Investment Policy197

5.E Exercises203

6 The Supply of Insurance205

6.1 Traditional Premium Calculation206

6.1.1 Claims Process and Loss Distribution206

6.1.2 Basics of Probability Theory and Insurer's Risk215

6.1.3 Premium Principles219

6.2 Financial Models of Insurance Pricing222

6.2.1 Portfolio Optimization by the IC223

6.2.2 Pricing According to Insurance CAPM223

6.2.3 Pricing According to Option Pricing Theory229

6.2.4 Empirical Evidence on the Actual Behavior of IC233

6.3 Economies of Scope241

6.3.1 Economies of Scope and Properties of the Cost Function241

6.3.2 Empirical Relevance of Economies of Scope243

6.3.3 Stochastic Economies of Scope245

6.4 Economies of Scale246

6.4.1 Definitional Issues246

6.4.2 Empirical Relevance of Economies of Scale in Life Insurance249

6.4.3 Empirical Relevance of Economies of Scale inNon-life Insurance253

6.4.4 Alternatives and Extensions254

6.4.5 Scale Economies and Size of Market257

6.E Exercises259

7 Insurance Markets and Asymmetric Information265

7.1 Asymmetric Information and Its Consequences265

7.2 Moral Hazard268

7.2.1 Definition and Importance of Moral Hazard268

7.2.2 Ex-Ante Moral Hazard270

7.2.3 Market Equilibrium with Ex-Ante Moral Hazard277

7.2.4 Empirical Evidence on Ex-Ante Moral Hazard281

7.2.5 Ex-Post Moral Hazard in Short-Term Disability Insurance284

7.3 Adverse Selection291

7.3.1 Adverse Selection in a Single-Period Framework291

7.3.2 Empirical Relevance of Adverse Selection299

7.3.3 Adverse Selection in aMulti-Period Context303

7.3.4 Empirical Evidence Regarding the Experience-Rating Model309

7.4 Adverse Selection and Moral Hazard in Combination311

7.E Exercises313

8 Regulation of Insurance315

8.1 Objectives and Types of Insurance Regulation315

8.1.1 Objectives of Insurance Regulation315

8.1.2 Avoidance of Negative Externalities316

8.1.3 Material Regulation316

8.1.4 Regulation Limited to Formal Requirements320

8.1.5 Historical Differences in Insurance Regulation Between Countries322

8.2 Three Competing Theories of Regulation323

8.2.1 Public Interest Theory323

8.2.2 Capture Theory324

8.2.3 Market for Regulation Theory324

8.2.4 Empirically Testable Implications for Insurance326

8.3 Effects of Insurance Regulation328

8.3.1 Evidence from the United States328

8.3.2 Risk-Based Capital as the U.S. Regulatory Response335

8.3.3 Evidence from Europe336

8.4 Recent Trends in Insurance Regulation341

8.4.1 The Financial Crisis of 2007-2009341

8.4.2 The Convergence of Banking and Insurance and Regulation342

8.4.3 Systemic Risk in Insurance Markets?343

8.4.4 Characterization of Recent Regulatory Initiatives345

8.E Exercises347

9 Social Insurance349

9.1 Importance of Social Insurance350

9.2 Why Social Insurance?351

9.2.1 Social Insurance as an Efficiency-Enhancing Institution352

9.2.2 Social Insurance as an Instrument Wielded by Political Decision Makers359

9.3 Overview of the Branches of Social Insurance361

9.3.1 Structural Characteristics of Social Insurance361

9.3.2 Importance of Branches of Social Insurance363

9.4 Requirements for Efficient Social Insurance363

9.4.1 Comparing the Efficiency of Provision for Old Age364

9.4.2 Efficiency Assessment from a Portfolio Theory Perspective367

9.5 Macroeconomic Impacts of Social Insurance371

9.5.1 Impacts of Provision for Old Age373

9.5.2 Impacts of Social Health Insurance381

9.5.3 Impacts of Unemployment Insurance385

9.5.4 Optimal Amount of Social Insurance386

9.E Exercises391

10 Challenges Confronting Insurance393

10.1 Globalization of International Economic Relations394

10.1.1 Globalization and Corporate Insurance394

10.1.2 Globalization and Individual Insurance395

10.2 Changes in Science and Technology396

10.2.1 Genetic Information396

10.2.2 Advances in Information Technology402

10.3 Changes in Legal Norms405

10.3.1 Principal Elements of Insurance Contract Law405

10.3.2 Consequences of Deregulation406

10.4 Increased Frequency and Severity of Catastrophic Events407

10.4.1 New Elements of Insurance Technology408

10.4.2 Issues Linked to Reinsurance of Catastrophic Risks413

10.4.3 Alternative Risk Transfer Through Capital Markets413

10.5 Demographic Change416

10.5.1 Aging of Population416

10.5.2 Increasing Share of One-Person Households418

10.6 Final Remarks419

References423

Author Index435

Subject Index439