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This paper studies a class of general equilibrium economies in which the individuals' endowments depend on privately observed effort choices and the financial markets are endogenous. The environment is modeled as a two-stage game. Individuals first make strategic financial-innovation decisions....
Persistent link: https://www.econbiz.de/10005135122
infringements. It gives promises for both solving fundamental problems of economic theory and creation of new directions and fields …
Persistent link: https://www.econbiz.de/10005124942
and objectives for the first stages of insurance data analysis have been sketched out. Scale hypotheses, insurance and …
Persistent link: https://www.econbiz.de/10005124993
The changing business environment in non-life insurance and reinsurance has raised the need for new quantitative … based on large-scale computer simulations for the integrated financial modeling of non-life insurance and reinsurance …
Persistent link: https://www.econbiz.de/10005561063
A quadratic discrete time probabilistic model, for optimal portfolio selection in (re-)insurance is studied. For …
Persistent link: https://www.econbiz.de/10005125679
underestimates the actual extreme risks and, based on methods from the Extreme Value Theory (EVT), we propose and justify a more …
Persistent link: https://www.econbiz.de/10005126103
A man is a key subject of economics and economic theory. “A man is irrational” - this opinion can be made from Allais … paradox, risk aversion and other well-known fundamental problems. For a long time, this opinion was a barrier to proper … solution of these problems and the development of the economic theory. A radically new approach has been proposed. It considers …
Persistent link: https://www.econbiz.de/10005560978
Congress asked GAO to estimate the value of FHA's Mutual Mortgage Insurance Fund, a capital reserve which backs most of …
Persistent link: https://www.econbiz.de/10005407860
Frauds can be explained not only in terms of individual willingness to cheat, but may also be driven by opportunities to behave dishonestly. The audit policy should therefore be different for different categories of agents. This paper focuses on the optimal audit policy when there are two...
Persistent link: https://www.econbiz.de/10005412503
Most economists congregate on the idea that commodity price instability should be reduced. Since at least one century a variety of instruments have been designed to that end, without much success, especially for agricultural commodities. The failure might be a consequence of the fact that most...
Persistent link: https://www.econbiz.de/10005412556