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In the past decades, risk management in the financial community has been dominated by data-intensive statistical methods which rely on short historical time series to estimate future risk. Many observers consider this approach as a contributor to the current financial crisis, as a long period of...
Persistent link: https://www.econbiz.de/10010956151
By providing financial security against droughts, floods, tropical cyclones and other forms of weather extremes, insurance instruments present an opportunity for developing countries in their concurrent efforts to reduce poverty and adapt to climate change. By pricing risk, insurance provides...
Persistent link: https://www.econbiz.de/10004994444
This study models maximum temperatures in Switzerland monitored in twelve locations using the Generalised Extreme Value (GEV) distribution. The parameters of the GEV distribution are determined within a Bayesian framework. We find that the parameters of the underlying distribution underwent a...
Persistent link: https://www.econbiz.de/10004963698
A dynamic version of discrete choice theory is presented in order to enable the explicit analysis of the interaction between the micro- and the macro-level of social systems. Suppliers in a cartel market face a social dilemma. They are modelled as boundedly rational decision makers with limited...
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