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Individual, Co-Operative, and Competitive Pricing of Risks

In: Risk and Uncertainty

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  • Hans Bühlmann

Abstract

In pursuing any economic task, one is bound to find that ‘success’ or ‘failure’ are not only a consequence of the actions taken but also depend to a great degree upon uncontrollable chance factors. It therefore seems a most natural definition of ‘risk’ to identify it with those chance factors which may be (but not necessarily are) working against the ‘economical zoon’. The terminology just used is misleading in as much as there is no absolute dichotomy between controllable and uncontrollable factors. In particular, every risk (equal uncontrollable chance factor) can still be managed in some way. It can be avoided, retained, reduced through preventive measures, transferred, neutralized or pooled (Williams and Heins, 1964). It is the task of risk management to choose which attitude to take towards a risk.

Suggested Citation

  • Hans Bühlmann, 1968. "Individual, Co-Operative, and Competitive Pricing of Risks," International Economic Association Series, in: Karl Borch & Jan Mossin (ed.), Risk and Uncertainty, chapter 0, pages 265-282, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-15248-3_12
    DOI: 10.1007/978-1-349-15248-3_12
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