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Managing unknown risks: the future of global reinsurance

Chichilnisky, Graciela; Heal, Geoffrey - Volkswirtschaftliche Fakultät, … - 1998

It has been said that insurance is the last of the financial services to accept radical change (Denney [1995 … weather volatility and catastrophic risks are difficult to diversify using traditional insurance practices. To provide a map … risks. There are two basic and distinct approaches: statistical and economic. The former is typical of the insurance …

Persistent link: https://www.econbiz.de/10005260252

Financial markets for unknown risks

Chichilnisky, Graciela - In: Sustainability : dynamics and uncertainty, (pp. 277-294). 1998

Persistent link: https://www.econbiz.de/10001323503

Financial Markets for UnKnown Risks

Chichilnisky, Graciela; Heal, Geoffrey - 1992

risk leads to collective risk. Introducing an array of mutual insurance policies and of Arrow securities is shown to lead …An economy faces an unknown individual risk, such as the health effects of a recently discovered environmental hazard … to Arrow-Debreu competitive allocations. By combining insurance contracts for individual risks and securities markets for …

Persistent link: https://www.econbiz.de/10009472280

Financial Innovation and Endogenous Uncertainty in Incomplete Asset Markets

Chichilnisky, Graciela; Wu, Ho-Mou - 1992

well as the welfare gains of financial innovation. The introduction of financial assets to hedge individual risk can lead … to the risk of default, which is a collective risk. The possibility of default represents endogenous uncertainty, since … it depends on economic variables. A proper allocation of risk in the face of new states of endogenous uncertainty …

Persistent link: https://www.econbiz.de/10009472281

Financial Markets for Unknown Risks

Chichilnisky, Graciela; Heal, Geoffrey - 1992

risk leads to collective risk. Introducing an array of mutual insurance policies and of Arrow securities is shown to lead …An economy faces an unknown individual risk, such as the health effects of recently discovered environmental hazard … to Arrow Debreu competitive allocations. By combining insurance contracts for individual risks and securities markets for …

Persistent link: https://www.econbiz.de/10009472287

Financial Innovation in Property Catastrophe Reinsurance: The Convergence of Insurance and Capital Markets

Chichilnisky, Graciela - Volkswirtschaftliche Fakultät, … - 1996

financial approaches that bring the insurance industry closer to the securities industry. This article discusses the new …

Persistent link: https://www.econbiz.de/10005619352

Financial Innovation in Property Catastrophe Reinsurance : The Convergence of Insurance and Capital Markets

Chichilnisky, Graciela - 2009

The property catastrophe reinsurance industry faces a major challenge. Since 1989, climatic volatility has produced unprecedented insured losses of $43 billion. $18 billion of which were from Hurricane Andrew alone. A surge of insurer defaults and dramatic changes in capacity and pricing have...

Persistent link: https://www.econbiz.de/10014209153

Catastrophic risks

Chichilnisky, Graciela - In: International Journal of Green Economics 3 (2009) 2, pp. 130-141

Catastrophic risks are rare events with major consequences and of great interest to green economics. The article investigates the way economics deals with catastrophic risks. Classic expected utility theory is insensitive to rare events no matter how important these may be, based on the axioms...

Persistent link: https://www.econbiz.de/10008755603

A Radical Shift in Managing Risks: Practical Applications of Complexity Theory

Chichilnisky, Graciela - Volkswirtschaftliche Fakultät, … - 1998

Complexity theory is designed to bring order out of a rough-and- tumble world, something close to every insurance …, but it can't foretell those things with such certainty that an insurance company could, say, set its rates based on the …

Persistent link: https://www.econbiz.de/10005789667

The economics of global environmental risk

Chichilnisky, Graciela - Volkswirtschaftliche Fakultät, … - 1998

into the future. It proposes sound principles of risk management that make sense in today's society generally, going beyond … them, it deals with different aspects of the theory of risk-bearing. I explain current responses to global change, focusing …

Persistent link: https://www.econbiz.de/10005619688