Institut für Risikomanagement und Versicherung




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Topic 1: Quantifying Information in Risk Management Decisions

Supervisor: Lu Li

Information is key to any decision problem under risks. In countless situations, people are willing to pay for more information to make better decisions, which is the rationale behind many industries such as training and consulting. While information generally improves the quality of decision making, the acquisition of information rarely comes at no cost. For the former, the value of information describes the decision-maker’s efficiency gain from having access to more information. For the latter, the cost of information can be measured, among others, via information entropy. Carefully measuring the benefit and cost of information is a prerequisite for understanding the optimal tradeoff between them.
The goal of this master’s thesis is twofold. After reviewing how the cost and benefit of information is typically measured in prior literature, these methods should be applied to classic risk management and insurance decisions of the author’s choice. Prior knowledge in theoretical microeconomic modeling, e.g. having attended Insurance Economics, is highly encouraged.