The Centers for Medicare and Medicaid Services (CMS) has phased in the Hierarchical Condition Categories (HCC) risk … beneficiary's health status. However, it is debatable whether the CMS-HCC model has led to strategic evolutions of risk selection …. We examine the competing claims and analyze the risk selection behavior of MA plans in response to the CMS-HCC model. We …

We model the equilibrium price and quantity of risk transfer between firms and financial intermediaries. Value …-maximizing firms have downward sloping demands to cede risk, while intermediaries, who assume risk, provide less …

This paper discusses the recent changes in the market for catastrophe risk. These risks have traditionally been … protection should not be too high; dollar amounts of risk transfer should not be too small; loss triggers should be beyond …

Can measured risk attitudes and associated structural models predict insurance demand? In an experiment (n = 1,730), we … parameterize seventeen common structural models (e.g., expected utility, cumulative prospect theory). Subjects also make twelve … various risk-attitude measures. Yet all the structural models predict insurance poorly, often less accurately than random …

public sector, it may be economically rational for those at risk not to invest in protective measures. Risk management …. These may include multi-year insurance contracts, well-enforced regulations, third-party inspections, and alternative risk …

manage systematic mortality risks, namely self-insurance and risk transfer to purchasers of the annuity products. We … demonstrate that self-insurance leads to high loadings, so that households offered a choice would favor the risk transfer scheme …

how it affects rational investors' demand for event risk exposures. We show that while parameter uncertainty does indeed … argue that parameter uncertainty does not appear to be a satisfactory explanation for high event-risk returns …

Value at Risk has become the standard measure of market risk employed by financial institutions for both internal and … methodologies developed so far give satisfactory solutions. Interpreting Value at Risk as a quantile of future portfolio values … assumptions invoked by existing methodologies (such as normality or i.i.d. returns). The Conditional Value at Risk or CAViaR model …