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Functional Form Problems in Modeling Insurance and Gambling

Author

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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

Suggested Citation

  • W. Erwin Diewert, 1995. "Functional Form Problems in Modeling Insurance and Gambling," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 20(1), pages 135-150, June.
  • 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. W. Erwin Diewert, 1995. "Price and Volume Measures in the System of National Accounts," NBER Working Papers 5103, National Bureau of Economic Research, Inc.
    3. William A. Barnett & Jane Binner & W. Erwin Diewert, 2005. "Functional Structure and Approximation in Econometrics (book front matter)," Econometrics 0511006, EconWPA.
    4. 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.
    5. 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.
    6. 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.

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