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Functional Form Problems in Modeling Insurance and Gambling

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  • W. Erwin Diewert

    (Department of Economics, University of British Columbia, #997-1873 East Mall, V6T 1Z1 Vancouver, BC, Canada)

Abstract

Defining the outputs of the property insurance and gambling sectors of an economy has proved to be a difficult problem for national income accountants. It is well known that the traditional expected-utility model is not consistent with economic agents fully insuring their property. Thus the present paper adapts existing non-expected-utility theories to yield useful measures of output for the property insurance and gambling sectors. The Geneva Papers on Risk and Insurance Theory (1995) 20, 135–150. doi:10.1007/BF01098962

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal The Geneva Papers on Risk and Insurance Theory.

Volume (Year): 20 (1995)
Issue (Month): 1 (June)
Pages: 135-150

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Handle: RePEc:pal:genrir:v:20:y:1995:i:1:p:135-150

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Cited by:
  1. Kam Yu, 2009. "Measuring the Output and Prices of the Lottery Sector: An Application of Implicit Expected Utility Theory," NBER Chapters, in: Price Index Concepts and Measurement, pages 405-425 National Bureau of Economic Research, Inc.
  2. Cummins, J. David & Rubio-Misas, Maria & Zi, Hongmin, 2004. "The effect of organizational structure on efficiency: Evidence from the Spanish insurance industry," Journal of Banking & Finance, Elsevier, vol. 28(12), pages 3113-3150, December.
  3. William A. Barnett & Jane Binner & W. Erwin Diewert, 2005. "Functional Structure and Approximation in Econometrics (book front matter)," Econometrics 0511006, EconWPA.
  4. Erwin Diewert, 2005. "Progress in Service Sector Productivity Measurement: Review Article on "Productivity in the U.S. Services Sector: New Sources of Economic Growth"," International Productivity Monitor, Centre for the Study of Living Standards, vol. 11, pages 57-69, Fall.
  5. J. David Cummins & Mary A. Weiss, 1998. "Analyzing Firm Performance in the Insurance Industry Using Frontier Efficiency Methods," Center for Financial Institutions Working Papers 98-22, Wharton School Center for Financial Institutions, University of Pennsylvania.

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