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 begins with the role of utility, risk, and risk aversion in the … insurance literature and summarizes work on the demand for insurance, insurance and resource allocation, moral hazard, and …

security used to hedge the risk is similar to a CAT bond. This work looks at the incentives associated with insurance …

to share risk. Central clearing can provide insurance against counterparty risk but must be designed to preserve risk …

to share risk. Central clearing can provide insurance against counterparty risk but must be designed to preserve risk …

transfer instruments. I analyze the interrelation between the structure of the optimal insurance contract and the firm … hazard. In contrast to the case of risk aversion and moral hazard, the optimal insurance contract involves a joint deductible … on aggregate losses in the present setting. -- Multiline Insurance ; Umbrella Policies ; Integrated Risk Management …

that many of the standard comparative statics cease to hold. We also derive the properties of stop-loss insurance in our …

idiosyncratic risk, it cannot provide insurance against aggregate risk. When the latter is significant, it is efficient that …