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Optimal strategies in a game of economic survival

✍ Scribed by Karl Borch

Publisher
John Wiley and Sons
Year
1982
Tongue
English
Weight
422 KB
Volume
29
Category
Article
ISSN
0894-069X

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✦ Synopsis

Abstract

The games of economic survival introduced by Shubik and Thompson seem tailor‐made for the analysis of some problems in insurance and have found many applications in this industry. The optimal strategy in such games may be a so‐called β€œband strategy.” This result seems counter‐intuitive and has caused some puzzlement. This paper gives sufficient conditions so that the optimal strategy will be of a simpler form, and it is argued that these conditions are satisfied in most applications to insurance.

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