We use individual level data from eight waves of the China Health and Nutrition Survey during 1991–2011 to investigate age profiles of health expenditure for rural and urban residents in the People's Republic of China (PRC). Employing a two-part model, we find that health expenditure of rural...

We decompose aggregate market variance into an average correlation component and an average variance component. Only the latter commands a negative price of risk in the cross section of portfolios sorted by idiosyncratic volatility. Portfolios with high (low) idiosyncratic volatility relative to...

We decompose aggregate market variance into an average correlation component and an average variance component. Only the latter commands a negative price of risk in the cross section of portfolios sorted by idiosyncratic volatility. Portfolios with high (low) idiosyncratic volatility relative to...

Purpose – The purpose of this paper is to address some of the fundamental issues surrounding crop insurance ratemaking, from the perspective of the reinsurer, through the development of a scientific pricing framework. Design/methodology/approach – The generating process of the historical...