In der Untersuchung wird die Frage erörtert, ob Politikversagen eine wesentliche Mitursache für die hohe Arbeitslosigkeit und die Krise des deutschen Sozialstaates ist. Der Verfasser stellt zunächst das Politikversagen in der Sozialversicherungspolitik, insbesondere in Form der vorgezogenen...

Diversification of the financial sector has been one of the central features of China's recent and rapid economic growth. This book traces the development of China's Trust and Investment Companies (TICs), the most numerous non-bank financial institutions to emerge in China, and their link to the...

This paper reports results from an experimental study that investigates insurance behaviours in low-probability high-loss risk situations. This study reveals that insurance behaviours may depend on the individual prior experience towards risk. It may also depend on the duration of the commitment...

This paper reports results from two experimental studies that investigate insurance behaviours in low-probability high-loss risk situations. The first study took place in France and the second one in Germany. These two studies reveal that insurance behaviours may depend on the past-experience...

The shares of the public sector in health insurance provision varies enormously from country to country. It is larger in more redistributive countries. We provide a possible theoretical explanation for these facts: a public health insurance system, financed by taxes, can be an efficient means of...

This paper adopts a normative approach to catastrophe insurance. It addresses the question of how innovations in the design of insurance contracts could help resolve the capacity gap in the provision of insurance against natural catastrophes. It extends previous research with the same approach...

Theory suggests that people facing higher uninsurable background risk buy more insurance against other risks that are insurable. This proposition is supported by Italian cross-sectional data. Its shown that the probability of purchasing casualty insurance increases with earnings uncertainty.

We consider a model in which customers sequentially negotiate nonexclusive credit or insurance contracts from multiple risk-neutral firms in a market with free entry. Each contract is subject to moral hazard arising from a common noncontractible effort decision.

We focus on estimation of parameters used in dynamic hedging strategies and compare objective based inference and the maximum likelihood approach. When the financial model is misspecified the maximum likelihood estimation methodology may be misleading. Objective based estimators belong to the...

This article deals with demand for insurance with a background risk in a non-probabilized uncertainty framework where preferences are represented by a non-additive model of decision making. The Choquet expected utility model we use, generalizes expected utility and allows for a separation of the...