Institut für Risikomanagement und Versicherung
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Advanced Insurance Economics

Dr. Richard Peter

Course Overview

This course is an advanced class that aims at deepening the understanding of fundamental concepts in the economic analysis of insurance. After re-considering important properties of the expected utility model of choice under risk we will also cover selected descriptive shortcomings. Then, we analyze implications of contract non-performance on insurance markets and characterize demand for insurance given insurer insolvency risk. Furthermore, we expand the participants’ knowledge of competitive equilibria under asymmetric information by analyzing alternative assumptions on firm behavior of the non-Nash type and implied efficiency properties of the resulting risk allocations. We will briefly look at the possibility of advantageous selection. Lastly, this class covers the theory of risk reduction and relates it to individual preferences and market insurance. We also investigate optimal insurance contracts under moral hazard for different risk reduction techniques. In the second part of the class students will be presenting papers in insurance economics and discuss them.

Organizational Issues

General

  • This class is open to students from all degrees.
  • If you want to participate, please send an email to Richard Peter indicating your name, field of study and your matriculation number.
  • It counts 3 ECTS for MSc Betriebswirtschaft students.
  • Location: Schackstr. 4, Room 307
  • Time: 9 a.m. - 12 p.m.
Date Venue
Monday, December 1st Room 307, Schackstr. 4
Tuesday, December 2nd Room 307, Schackstr. 4
Wednesday, December 3rd Room 307, Schackstr. 4
Friday, December 5th Room 307, Schackstr. 4
Monday, December 8th Room 307, Schackstr. 4
Tuesday, December 9th Room 307, Schackstr. 4
Wednesday, December 10th Room 307, Schackstr. 4
Thursday, December 11th Room 307, Schackstr. 4
Friday, December 12th Room 307, Schackstr. 4

Examination

  • 3 ECTS
  • Grading will be based on the paper presentation and participation in class.

Materials