Risk, Information and Insurance: Essays in the Memory of Karl H. Borch PDF
Preview Risk, Information and Insurance: Essays in the Memory of Karl H. Borch
F Risk, Information and Insurance Sponsored by THE GENEVA ASSOCIATION Risk, Information and Insurance Essays in the Memory of Karl H. Borch Edited by Henri Louberge ~. " Kluwer Academic Publishers Boston / Dordrecht / London Distributors for North America: Kluwer Academic Publishers 101 Philip Drive Assinippi Park Norwell, Massachusetts 02061 USA Distributors for all other countries: Kluwer Academic Publishers Group Distribution Centre Post Office Box 322 3300 AH Dordrecht. The Netherlands Library of Congress Cataloging-in-Publication Data Risk, information, and insurance: essays in memory of Karl H. Borch/edited by Henri Louberge; sponsored by the "Geneva Association". p. cm. Includes bibliographical references. ISBN-13: 978-94-010-7478-0 e-ISBN-13: 978-94-009-2183-2 001: 10.1007/978-94-009-2183-2 1. Risk (Insurance) 2. Borch, Karl H. (Karl Henrik), 1919-1986. I. Borch, Karl H. (Karl Henrik), 1919-1986. II. Louberge, Henri. III. International Association for the Study of Insurance Economics. HG80S4.S.RS5 1989 368--dc20 89-15600 CIP Copyright © 1991 by Kluwer Academic Publishers, Second Printing 1991, Softcover reprint of the hardcover 1st edition 1991 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher, Kluwer Academic Publishers, 101 Philip Drive, Assinlppi Park, Norwell, Massachusetts 02061. Contents Contributing Authors vii Foreword Orio Giarini xi 1 Introduction Henri Louberge 2 Borch's Theorem: A historical survey of applications Jean Lemaire 15 Part I: Economics of Uncertainty 3 The role of securities and labor contracts in the optimal allocation of risk-bearing Jacques H. Dreze 41 4 Proportional risk aversion and saving decisions under uncertainty Georges Dionne, Louis Eeckhoudt, and Eric Briys 67 Part II: Economics of Information 5 The welfare economics of moral hazard Richard Arnott and Joseph Stiglitz 91 6 Problems of equilibria in insurance markets with asymmetric information Roland Eisen 123 7 Moral hazard and insurance market structure Yoram Eden and Yehuda Kahane 143 8 The effects of organizational form on capital structure: The case of stock and mutual property-liability insurance firms Prabir Datta and Neil A. Doherty 165 Part III: Economics of Insurance 9 Strategic growth and profit policy of insurance companies Dieter Farny 185 10 (De)regulation of insurance markets Lutgart van den 8erghe 199 11 Price regulation and segmented insurance markets J. Francois Outreville 221 12 The microstructure of the London insurance market Robert L. Carter and Stephen R. Diacon 231 13 Do shares in other insurance companies reduce the solvency margin of an insurer? Walter Karten 257 Author Index 269 Subject Index 271 Contributing Authors Professor Richard Arnott Department of Economics Boston College Chestnut Hill, MA 02167, USA Professeur Eric Briys Centre HEC-ISA Departement Finance 1, rue de la Liberation F-78350 Jouy-en-Josas, France Professor Robert L. Carter The University of Nottingham Depart. of Industrial Economics University Park GB-Nottingham NG7 2RD, United Kingdom Professor Prabir Datta 226 Harvill University of Arizona Tucson, AZ 85721, USA Professor Stephen R. Diacon The University of Nottingham Depart. of Industrial Economics University Park GB-Nottingham NG7 2RD, United Kingdom Professeur Georges Dionne Dep. de Sciences Economiques Universite de Montreal Case postale 6128, Succ. A Montreal/Quebec H3C 3J7/Canada VII Vlll CONTRIBUTING AUTHORS Professor Neil Doherty University of Pennsylvania Wharton School of Commerce Department of Insurance 3641 Locust Walk CE Philadelphia, PA 19104, USA Professeur Jacques H. Dreze Center for Operations Research and Econometrics (CORE) Universite Catholique de Louvain 34, Voie du Roman Pays B-1348 Louvain-Ia-Neuve, Belgium Professor Yoram Eden Erhard Center Tel Aviv University Faculty of Management P.O. Box 3901 0 Ramat Aviv, Tel Aviv, Israel Professeur Louis Eeckhoudt Universite Catholique de Mons Faculte des Sciences Economiques Chaussee de Binche 151 B-7000 Mons, Belgium Prof. Dr. Roland Eisen Johann-W. Goethe Universitat Fachbereich Wirtschaftswissenschaften Mertonstrasse 17 0-6000 Frankfurt-am-Main, West Germany Prof. Dr. Dieter Farny Institut fUr Versicherungswissenschaft an der Universitat zu Kbln Kerpener Strasse 30 0-5000 Kbln 41 (Lindenthal), West Germany Professor Orio Giarini The Geneva Association 18, chemin Rieu CH-1208 Geneve, Switzerland Professor Yehuda Kahane Erhard Center Tel Aviv University Faculty of Management P.O. Box 39010 Ramat Aviv, Tel Aviv, Israel CONTRIBUTING AUTHORS IX Professor Walter Karten Universitat Hamburg Ordinariat fOr Allg. Bwl. und Versicherungsbetriebslehre Von Melle Park 5 D-2 Hamburg 13, West Germany Professor Jean Lemaire Department of Insurance University of Pennsylvania The Wharton School of Commerce 3641 Locust Walk Philadelphia, PA 19104, USA Professeur Henri Louberge Departement d'economie politique Universite de Geneve Case posta Ie 266 CH-1227 Carouge-Geneve, Switzerland Professeur J.-Franc;ois Outreville Programme special en assurance CNUCED/UNCTAD Palais des Nations CH-1211 Geneve 10, Switzerland Professor Joseph E. Stiglitz Department of Economics Stanford University Stanford, CA 94305-6072, USA Prof. Dr. Lutgart van den Berghe De Vlerick School voor Management Sint-Pietersnieuwstraat 184 B-9000 Gent, Belgium Karl H. Borch 1919-1986
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