Business and risk have always been considered complementary concepts. Many companies are successful because of their ability to correctly recognize and to direct successfully all the risks resulting from the activities developed. Thus, we may say without being wrong, that risk represents an...

Natural catastrophes attract regularly the attention of media and have become a source of public concern. From a financial viewpoint, natural catastrophes represent idiosyncratic risks, diversifiable at the world level. But for reasons analyzed in this paper reinsurance markets are unable to...

(1) Increasingly, compact and sustainable development has become a priority for Canadian municipalities. In order to realize these growth objectives, it is possible to look not only to conventional land use and growth management policies, but also to fiscal instruments to achieve planning goals....

"Ziel der Arbeit ist die bisher fehlende versicherungsökonomische Fundierung in der Argumentation über die Privatisierung der Arbeitslosenversicherung. Anders als in bisherigen Ansätzen werden die Begründungen gegen eine Privatisierung in eine versicherungstechnische und eine...

We characterize welfare gains from government intervention when the private sector provides partial insurance. We analyze models in which adverse selection, pre-existing information, or imperfect optimization create a role for government intervention. We derive formulas that map existing...

We deal with the introduction of life insurance and pension decisions in the personal financial problem of optimal lifetime consumption of lifetime income. We introduce in Section 2 the classical notion of reserves and present well-known differential equations characterizing these. We start with...

At first glance, American insurance history is Whiggish, the story of self-insured risks slowly becoming managed by intermediaries. A closer look reveals more complexity, many directions of change, and numerous questions of importance today. Why, for example, did mutual life insurers wax and...

Existing unemployment insurance systems in many OECD countries involve a ceiling on insurable earnings. The result is lower replacement rate for employees with relatively high earnings. This paper examines whether replacement rates should decrease as the level of earnings rises. The framework is...

The probability of income loss depends on talent and effort. Effort has positive externalities and therefore individuals are awarded status in proportion to their perceived diligence. The social norm requires more effort from individuals perceived as more talented. But talent is private...

The probability of income loss depends on talent and effort. Effort has positive externalities and therefore individuals are proportion to their perceived diligence. The social norm requires more effort from individuals perceived as more talented, but talent is private information and...