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Essays in the theory of risk-bearing
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The article was published on 1958-01-01 and is currently open access. It has received 3688 citations till now. The article focuses on the topics: Bearing (mechanical).read more
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What Drives Capital Flows to Emerging Markets? A Survey of the Empirical Literature
TL;DR: In this paper, a review of the empirical literature on the drivers of capital flows to emerging markets is presented, based on the recognition that the drivers vary over time and across different types of capital flow.
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On the composition of risk preference and belief.
TL;DR: In this paper, a decomposition of decision weights into a component reflecting risk attitude and a new component depending on belief is proposed, based on an observable preference condition and does not use other empirical primitives such as statements of judged probabilities.
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IID: independently and indistinguishably distributed
TL;DR: This paper focuses on another limitation of the Bayesian model, specific to a dynamic setting, namely the inability to permit a distinction between experiments that are identical and those that are only indistinguishable, and shows that such a distinction is afforded by recursive multiple-priors utility.
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An Extension of Arrow's Result on Optimal Reinsurance Contract
Marek Kaluszka,Andrzej Okolewski +1 more
TL;DR: In this article, the problem of finding a policy that maximizes the expected utility, the stability and the survival probability of the cedent for a fixed reinsurance premium calculated according to the maximal possible claims principle is considered.
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Optimal non-linear health insurance.
TL;DR: In this paper, the authors used dynamic optimization techniques to analyse the properties of optimal non-linear insurance schedules in a model similar to one originally considered by Spence and Zeckhauser ( American Economic Review, 1971, 61, 380-387).