significance is highlighted in the introduction, which surveys major areas in insurance economics. While it was not possible to … provide comprehensive coverage of insurance economics in this book, these readings provide an essential foundation to those … will be useful to graduate students and to researchers in economics, finance, and insurance. Our criteria for selecting …

Decentralized insurance can be used to describe risk sharing mechanisms under which participants trade risks among each … other as opposed to passing risks mostly to an insurer in traditional centralized insurance. There are a wide range of … Middle East, peer-to-peer insurance in the West, international catastrophe risk pooling by African, Caribbean and Central …

that hardly explains the many features of an insurance contract. We extend this setup to include the situation that the … show how the law of insurance contracts should allow insurers to incentivize policyholders to exert an adequate level of …

risk management instruments and strategies, traditional/conventional insurance of crops, livestock and tangible assets is …-mentioned insurance, but limited to their historically oldest approach; hence on the basis of neoclassical microeconomics and classical … decision theory. According to the convention existing, the essence of the theory/hypothesis of the expected utility of von …

-- Chapter 6: Insurance -- Chapter 7: The Different Costs of Risk -- Chapter 8: Stock-taking -- Chapter 9: Macroeconomics …