By Tapan Biswas (auth.)
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Additional info for Decision-Making under Uncertainty
If Il is lower than the fair insurance price, the individual will get hirnself overinsured. He will take such a large insurance policy that he will actually be better off if the accident occurs. g. deliberately setting the house on fire in case of insurance against fire accident). This is 34 Economics 0/ Uncertainty why sometimes the insurance firm puts a limit on the insurance claims. We shall discuss the problems created by the possibility of moral hazard resulting from insurance later on. 2, the point E represents the buyer's equilibrium when Il is less than the fair insurance price.
4) Dunean (1977) proposed R as a loeal matrix measure of multivariate risk aversion. Kami (1979) proposed an alternative matrix measure of multivariate risk aversion. From the theory of demand we know that utility depends on the priees and the ineome level. ,(y, p) where P = (PI' P2' ... , Pn-I) stands for the (relative) priee veetor and y stands for ineome. 5) Kami proposed [-'lli"'l] as a matrix measure for loeal risk aversion. Biswas (1983) diseussed the eonstruetion of sealar measures for multivariate risk aversion in a eontext similar to that of Kami.
In the absence of such a provision, the insuree may act unreasonably, which may prove costly to the insurer. This is the moral hazard caused by insurance. The effect of moral hazard on the insurance market is very similar to that of the phenomenon of adverse selection. If some of the insurees start behaving unreasonably, the market odds for accident will increase which will ultimately increase the premium for insurance. Consequently, some low-risk insurance-buyers will leave the market or underinsure themselves which will further increase the market odds.
Decision-Making under Uncertainty by Tapan Biswas (auth.)