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On insurance contract design for low probability events

  • Eric Langlais

L’article développe l’analyse de la structure optimale des contrats d’assurance, dans le cas des "événements à faible probabilité", c’est-à-dire, lorsqu’il existe une masse de probabilité sur l’événement sans accident. On discute l’optimalité de la clause de franchise à la fois de façon théorique et empirique.

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File URL: http://www.univ-nancy2.fr/CEREFIGE/realisations/cahiers/cahier2008/E%20LANGLAIS%202008%2009.pdf
File Function: First version, 2008
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Paper provided by CEREFIGE (Centre Europeen de Recherche en Economie Financiere et Gestion des Entreprises), Universite de Lorraine in its series Cahiers du CEREFIGE with number 0809.

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Length: 11 pages
Date of creation: 2008
Date of revision: 2008
Handle: RePEc:fie:wpaper:0809
Contact details of provider: Postal: Pôle Lorrain de Gestion, 13 rue Michel Ney, 54 000 Nancy
Phone: 03.83.39.63.91
Fax: 03.83.39.63.90
Web page: http://repec.cerefige.univ-lorraine.frEmail:


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  1. Gollier, Christian & Schlesinger, Harris, 1996. "Arrow's Theorem on the Optimality of Deductibles: A Stochastic Dominance Approach," Economic Theory, Springer, vol. 7(2), pages 359-63, February.
  2. G. Carlier & R.A. Dana & N. Shahidi, 2003. "Efficient Insurance Contracts under Epsilon-Contaminated Utilities," The Geneva Risk and Insurance Review, Palgrave Macmillan, vol. 28(1), pages 59-71, June.
  3. Olivier Mahul & Brian D. Wright, 2004. "Implications of Incomplete Performance for Optimal Insurance," Economica, London School of Economics and Political Science, vol. 71(284), pages 661-670, November.
  4. Mehra, Rajnish & Prescott, Edward C., 1985. "The equity premium: A puzzle," Journal of Monetary Economics, Elsevier, vol. 15(2), pages 145-161, March.
  5. Kocherlakota, Narayana R., 1990. "On tests of representative consumer asset pricing models," Journal of Monetary Economics, Elsevier, vol. 26(2), pages 285-304, October.
  6. Chichilnisky, Graciela, 2000. "An axiomatic approach to choice under uncertainty with catastrophic risks," Resource and Energy Economics, Elsevier, vol. 22(3), pages 221-231, July.
  7. Eeckhoudt, L. & Gollier, C., 1996. "The Insurance of Low Probability Events," Papers 976.423, Toulouse - GREMAQ.
  8. Shahidi, Niousha & Carlier, Guillaume & Dana, Rose-Anne, 2003. "Efficient Insurance Contracts under Epsilon-Contaminated Utilities," Economics Papers from University Paris Dauphine 123456789/5463, Paris Dauphine University.
  9. Raviv, Artur, 1979. "The Design of an Optimal Insurance Policy," American Economic Review, American Economic Association, vol. 69(1), pages 84-96, March.
  10. Howard Kunreuther & Mark Pauly, 2004. "Neglecting Disaster: Why Don't People Insure Against Large Losses?," Journal of Risk and Uncertainty, Springer, vol. 28(1), pages 5-21, January.
  11. Johnson, Eric J, et al, 1993. " Framing, Probability Distortions, and Insurance Decisions," Journal of Risk and Uncertainty, Springer, vol. 7(1), pages 35-51, August.
  12. Edi Karni, 1990. "Optimal Insurance: A Nonexpected Utility Analysis," Discussion Paper Serie A 288, University of Bonn, Germany.
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