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Risk Bearing and the Insurance Market

Published online by Cambridge University Press:  29 August 2014

Hans Bühlmann  and
Hans U. Gerber
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Stimulated by Karl Borch's paper [3] we have tried to analyze the paper written by K. Arrow [1] in 1953. Contrary to Borch's opinion we have some doubt whether this work contains a theory of insurance as a special case. Nevertheless, it has inspired us to this note, which tries to develop a somewhat more realistic model. As a matter of fact, our development is more in the spirit of another paper by Arrow [2]. We, however, have chosen a more general setup, and we believe that our treatment is also different.

Type
Research Article
Information
ASTIN Bulletin: The Journal of the IAA , Volume 10 , Issue 1 , May 1978 , pp. 12 - 24
Copyright
Copyright © International Actuarial Association 1978

References

LITERATURE

[1] Arrow, K. J., (1964), The Role of Securities in the Optimal Allocation of Risk Bearing. Review of Economic Studies (translation of original paper in French, 1953).CrossRefGoogle Scholar
[2] Arrow, J. K., (1974), Optimal Insurance and Generalized Deductibles Scandinavian Actuarial Journal.CrossRefGoogle Scholar
[3] Borch, K., (1978), Problems in the Economic Theory of Insurance. The ASTIN Bulletin, 10, 1–11.CrossRefGoogle Scholar