๐”– Bobbio Scriptorium
โœฆ   LIBER   โœฆ

Axiomatic characterization of insurance prices

โœ Scribed by Shaun S. Wang; Virginia R. Young; Harry H. Panjer

Publisher
Elsevier Science
Year
1997
Tongue
English
Weight
613 KB
Volume
21
Category
Article
ISSN
0167-6687

No coin nor oath required. For personal study only.

โœฆ Synopsis

In this paper, we take an axiomatic approach to characterize insurance prices in a competitive market setting. We present four axioms to describe the behavior of market insurance prices. From these axioms it follows that the price of an insurance risk has a Choquet integral representation with respect to a distorted probability . We propose an additional axiom for reducing compound risks. This axiom determines that the distortion function is a power function.

๐Ÿ“œ SIMILAR VOLUMES

An axiomatic characterization of the Hir
An axiomatic characterization of the Hirsch-index
โœ Gerhard J. Woeginger ๐Ÿ“‚ Article ๐Ÿ“… 2008 ๐Ÿ› Elsevier Science ๐ŸŒ English โš– 326 KB

The Hirsch-index is a well-known index for measuring and comparing the output of scientific researchers. The main contribution of this article is an axiomatic characterization of the Hirsch-index in terms of three natural axioms. Furthermore, two other scientific impact indices (called the w-index a