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-period contracts raises many issues that are discussed in detail; time horizon, discounting, commitment of the parties, contract … commitment and renegotiation between the parties to the contract are important. Section 5 introduces models that consider moral …
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Kenneth Arrow and Karl Borch published several important articles in the early 1960s that can be viewed as the beginning of modern economic analysis of insurance activity. This chapter reviews the main theoretical and empirical contributions in insurance economics since that time. The review...
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From the introduction: Motor vehicle accidents are still a leading cause of death, even if the trend has somewhat declined over the past 20 years. Indeed, motor vehicle accidents are a significant cause of death in comparison with air and space transport accidents, homicides and even HIV...
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