In this paper, we ask under what conditions norms can enhance welfare by mitigating moral hazard in income insurance … insured individuals. Thus, the functioning of social norms depends crucially on information, in particular on what norm … enforcers are able to observe about an insured individual's behavior. Information is also decisive when distinguishing between …

Recent events involving major insurance companies and insurance brokerage firms highlight substantial incentive … as uninformed consumers and heterogeneous risk profiles intermediation has the potential to improve social welfare … without intermediation. A controversial matter in the discussion concerning insurance intermediation is the issue of …

This open access book explores the history of risk management in medieval and early modern European maritime business … this risk management tool from its origins in the pre-Roman Mediterranean through to its use in the shipping sector today …

In the psychological and sociological framework of risk, we establish a static and dynamic equilibrium model for risk …-sharing institutional evolution. Particularly, through a comparative study of marine insurance development in China and Europe, we address a … wide set of research questions concerning why China and Europe relied on different social organizations for risk sharing. …