Journal article
Competitive insurance market in the presence of ambiguity
Insurance: Mathematics and Economics, Vol.50(1), pp.79-84
2012
Abstract
Within the context of a competitive insurance market, this paper examines the impact of ambiguity on the behavior of buyers and sellers. Ambiguity is described through a probability measure on an extended state space that includes extra ambiguous states. It is shown that if insurers face the same or less ambiguity than their customers, a unique equilibrium exists where customers are fully insured. On the other hand, if insurers face more ambiguity than their customers, customers will be under insured and it is even possible that customers may not purchase any insurance.
Details
- Title
- Competitive insurance market in the presence of ambiguity
- Authors
- Sajid Anwar (Author) - University of the Sunshine Coast - Faculty of Arts and BusinessM Zheng (Author) - University of Macau, China
- Publication details
- Insurance: Mathematics and Economics, Vol.50(1), pp.79-84
- Publisher
- Elsevier BV, North-Holland
- Date published
- 2012
- DOI
- 10.1016/j.insmatheco.2011.09.001
- ISSN
- 0167-6687
- Organisation Unit
- School of Business and Creative Industries; Indigenous and Transcultural Research Centre; University of the Sunshine Coast, Queensland; USC Business School - Legacy
- Language
- English
- Record Identifier
- 99449430202621
- Output Type
- Journal article
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- Domestic collaboration
- International collaboration
- Web Of Science research areas
- Economics
- Mathematics, Interdisciplinary Applications
- Social Sciences, Mathematical Methods
- Statistics & Probability
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