Axiomatic characterization of insurance prices
نویسندگان
چکیده
منابع مشابه
Axiomatic characterization of insurance prices
In this paper, we take an axiomatic approach to characterize insurance prices in a competitive market setting. We present four axioms to describe the behavior of market insurance prices. From these axioms it follows that the price of an insurance risk has a Choquet integral representation with respect to a distorted probability (Yaari, 1987). We propose an additional axiom for reducing compound...
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ژورنال
عنوان ژورنال: Insurance: Mathematics and Economics
سال: 1997
ISSN: 0167-6687
DOI: 10.1016/s0167-6687(97)00031-0