EGRIE Awards



The Geneva Risk and Insurance Review is the official journal of EGRIE


36th Seminar, Bergen, 21-23 September 2009

21st Geneva Risk Economics lecture by Agnar Sandmo on "Uncertainty in the Theory of Public Finance"

Scientific Committee: Meglena Jeleva, Christian Laux, Arthur Snow

Local Organizer: Svein-Arne Persson

Sunday, September 20th

18:30 Welcome at Wesselstuen



Monday, September 21th

08:15 - 09:00 Registration and Welcome Coffee
09:00 - 09:30 Welcome Speech
09:30 - 11:00

Geneva Risk Economics Lecture

A. Sandmo

"Uncertainty in the Theory of Public Finance"

Discussant: A. Snow

11:00 - 11:30 Coffee Break
11:30 - 13:00 Session A1 (Chair: A. Richter)
Asymmetric Information

P. Picard
"Participating Insurance Contracts and the Rothschild-Stiglitz Equilibrium Puzzle" (Discussant: A. Wambach)

W. Mimra
"Cross-subsidizing and Profit-making Equilibria in a Competitive Insurance Market with Asymmetric Information" (Discussant: A. Richter)

Session A2 (Chair: J. K. Hammitt)
Demand for Insurance: Empirical Studies

C.-S. Li, C.-C. Liu, S.-C. Peng, C.-S. Yang
"Substitutes or Complements? The Interaction between Automobile Vehicle Damage Insurance and Voluntary Liability Insurance" (Discussant: J. K. Hammitt)

T. Zhou-Richter, M. Browne, H. Gründl
"Are They Aware? Do They Care? Risk Perception and the Demand for Long Term Care Insurance" (Discussant: G. Enjolras)

13:00 - 14:30 Lunch
14:30 - 16:00 Session B1 (Chair: F. Schroyen)
Higher-Order Risks

D. C. Keenan, A. Snow
"Ross Risk Vulnerability for Introductions and Changes in Background Risk" (Discussant: K. J. Crocker)

P. Jindapon
"Higher-Order Probability Premiums" (Discussant: W. H. Chiu)
Session B2 (Chair: H. Gründl)
Mortality Risks

J. K. Hammitt, K. Haninger
"Valuing Fatal-Disease and Injury Risks to Children and Adults: Effects of Disease Type, Latency, and Risk Aversion" (Discussant: K. Hanewald)

R. J. Huang, J.C.Y. Miao, L. Tzeng
"Does Mortality Improvement Increase Risk Premiums? A Risk Perception Perspective" (Discussant: C.-C. Liu)

16:00 - 16:30 Coffee Break
16:30 - 18:00 Session C1 (Chair: W. Mimra)
Risk Aversion with Flexibility vs. Constraints

C. Gollier
"Does Flexibility Enhance Risk Tolerance? " (Discussant: A. Mürmann)

F. Schroyen
"Income Risk Aversion with Quantity Constraints" (Discussant: J. Hardelin)

Session C2 (Chair: C. Thomann)
Macroeconomic and Background Risks

K. Hanewald, T. Post, H. Gründl
"Stochastic Mortality, Macroeconomic Risks, and Life Insurer Solvency" (Discussant: C. Thomann)

R. C. Stapleton, M. G. Subrahmanyam, Q. Zeng
"Background Risk and Trading in a Full-Information Rational Expectations Economy" (Discussant: H. Grundl)

18:15 Dinner at Cornelius Restaurant

































Tuesday, September 22th

09:00 - 10:30 Session E1 (Chair: W. H. Chiu)
Risk Classification

R. Bourlès
"Moral Hazard in Dynamic Insurance, Classification Risk and Prepayment" (Discussant: N. Gatzert)

N. Gatzert, G. Hoermann, H. Schmeiser
"Optimal Risk Classification and Underwriting Risk for Substandard Annuities" (Discussant: J. Etner)

Session E2 (Chair: P. Picard)
Demand for Insurance: Theoretical Studies

R. Kremslehner, A. Mürmann
"State-Dependent Preferences and Insurance Demand" (Discussant: M. Jeleva)

S. Laczó
"Riskiness, Risk Aversion, and Risk Sharing: The Comparative Statics of Informal Insurance" (Discussant: O. Schellenberger)

10:30 - 11:00 Coffee Break
11:00 - 13:00 Session F1(Chair: C. Laux)
Incentives in Contracting, Marketing, and Investing

D. Demougin, O. Fabel, C. Thomann
"Implicit vs. Explicit Incentives: Theory and a Case Study" (Discussant: C. Laux)

U. Bloos, O. Schellenberger
"An Incentive based View on the Distribution of Consumer Financial Products" (Discussant: R. Bourlès)

K. K. Aase
"The Investment Horizon Problem: A Resolution" (Discussant: L. Neuthor)

Session F2 (Chair: S. Laczó)
Diversification and Insurance

J. Hardelin, S. de Forges
"Raising Capital in an Insurance Oligopoly Market" (Discussant: W. Mimra)

J. Shim, S.-H. Lee, R. MacMinn
"Measuring Economic Capital: Value at Risk, Expected Tail Loss and Copula Approach" (Discussant: R. C. Stapleton)

G. Enjolras, R. Kast, P. Sentis
"Aggregation in Area-Yield Crop Insurance: The Multi-Linear Additive Model" (Discussant: S. Laczó)

13:00 - 14:30 Lunch
14:30 - 16:00 EGRIE General Assembly
15:00 - 16:00 General Assembly
17:30 Visit to the Edvard Grieg Museum Troldhaugen (Map). Bus from Thon Hotel Rosenkrantz. Concert in Troldsalen concert hall. Dinner at the Brasserie Troldhaugen.






















Wednesday, September 23th

8:30 - 10:30 Session H1 (Chair: L. Neuthor)
Risk Premiums for Stochastic Improvements and for Multiple Risks

W. H. Chiu
"Risk Aversion, Downside Risk Aversion, and Paying for Stochastic Improvements" (Discussant: P. Jindapon)

C. Courbage, B. Rey
"On the Shape of Non-monetary Measures in the Face of Risk" (Discussant: D. Crainich)

Session H2 (Chair: J. F. Outreville)
Experimental Evidence on Insurance Demand and Fraud

M. Servatka, S. Tucker, R. Watt
"How Does an Increase in Risk Affect Insurance Demand? Experimental Evidence" (Discussant: T. Zhou-Richter)

F. Lammers, J. Schiller
"Behavioral Aspects of Insurance Fraud: Experimental Evidence" (Discussant: J. F. Outreville)

:30 - 11:00 Coffee Break
11:00 - 12:30 Session I1 (Chair: C. Courbage)
Demand for Prevention

D. Crainich
"Genetic Insurance and the Demand for Prevention"(Discussant: P. Picard)

J. Etner
"Health Prevention, Background Risk and Ambiguity"(Discussant: R. J. Huang)

Session I1 (Chair: J. Schiller)
Intermediation in Insurance Markets

U. Focht, A. Richter, J. Schiller
"Consolidation in the International Insurance Industry and Financial Stability" (Discussant: K. K. Aase)

L. Neuthor
"Limited Liability Provisions and Directors' and Officers' Insurance" (Discussant: J. Schiller)

12:30 - 14:00 Farewell Lunch