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Choices at various ...
Choices at various levels of uncertainty: An experimental test of the restated diversification theorem
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- Ahmed, Ali (författare)
- Växjö universitet,Ekonomihögskolan, EHV,Nationalekonomi och Statistik,Centre for Labour Market Policy Research (CAFO), School of Management and Economics, Växjö University Sweden
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- Skogh, Göran, 1943- (författare)
- Linköpings universitet,Nationalekonomi,Filosofiska fakulteten
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(creator_code:org_t)
- Springer, 2006
- 2006
- Engelska.
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Ingår i: Journal of Risk and Uncertainty. - : Springer. - 0895-5646 .- 1573-0476. ; 33:3, s. 183-196
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Abstract
Ämnesord
Stäng
- Our ``Restated diversification theorem'' (Skogh and Wu, 2005) says that risk-averse agents may pool risks efficiently without assignment of subjective probabilities to outcomes, also at genuine uncertainty. It suffices that the agents presume that they face equal risks. Here, the theorem is tested in an experiment where the probability of loss, and the information about this probability, varies. The result supports our theorem. Moreover, it tentatively supports an evolutionary theory of the insurance industry--starting with mutual pooling at uncertainty, turning into insurance priced ex ante when actuarial information is available.
Ämnesord
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economics (hsv//eng)
Nyckelord
- Loss sharing
- Insurance
- Risk
- Ambiguity
- Uncertainty
- Experiment
- Economics
- Nationalekonomi
- Economics
- Nationalekonomi
- TECHNOLOGY
Publikations- och innehållstyp
- ref (ämneskategori)
- art (ämneskategori)
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