In this paper, we provide an axiomatic approach to general premium priciples giving rise to a decomposition into risk … premium priciple, there exists a maximal risk measure capturing all risky components covered by the insurance prices. In a … second step, we consider dual representations of convex risk measures consistent with the premium priciple. In particular, we …

We compare seven established risk elicitation methods and investigate how robustly they explain eleven kinds of risky … behavior with 760 individuals. Risk measures are positively correlated; however, their performance in explaining behavior is … heterogeneous and, therefore, difficult to assess ex ante. Greater diversification across risk measures is conducive to closing this …

Monetary risk measures classify a financial position by the minimal amount of external capital that must be added to … the position to make it acceptable.We propose a new concept: intrinsic risk measures. The definition via external capital … is avoided and only internal resources appear. An intrinsic risk measure is defined by the smallest percentage of the …