EGRIE Awards



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


34th Seminar, Cologne, 17-19 September 2007

19th Geneva Risk Economics lecture by Edi Karni on "On Optimal Insurance in the Presence of Moral Hazard"

Scientific Committee: Peter Zweifel

Local Organizer: Achim Wambach

Monday, September 17th

08:30 - 09:00 Registration and Welcome Coffee
09:00 - 09:15 Welcome Speech
09:15 - 10:30

Geneva Risk Economics Lecture

Edi Karni

"On Optimal Insurance in the Presence of Moral Hazard"

10:30 - 11:00 Coffee Break
11:00 - 12:30

Theory of Insurance Demand I (Chair: Ulrich Schmidt)

Louis Eeckhoudt, Harris Schlesinger and Ilia Tsetlin
"Risk apportionment and stochastic dominance" (Discussant: Kirsten Rohde)

Patrick Roger
"Does the consciousness of the disposition effect increase the equity premium?" (Discussant: Ulrich Schmidt)


Insurance Economics (Chair: Miguel Santolino)

Jérôme Foncel and Nicolas Treich
"Insurance as a normal good: Empirical evidence for a puzzle" (Discussant: Ray Rees)

Richard Watt
"A new approximation for the risk premium with large risks" (Discussant: Miguel Santolino)


12:30 - 13:30 Lunch
13:30 - 15:00

Theory of Insurance Demand II (Chair: Alexander Muermann)

Sophie Chemarin and Caroline Orset
"Innovation and precaution under time inconsistency and uncertainty" (Discussant: Matthias Lang)

Rachel J. Huang and Larry Y. Tzeng
"Consumption externality and equilibrium underinsurance" (Discussant: Alexander Muermann)


Automobile insurance (Chair: Chwen-Chi Liu)

Chu-Shiu Li, Chwen-Chi Liu and Jia-Hsing Yeh
"Decomposing automobile insurance policy buying behaviour – evidence of adverse selection" (Discussant: Arthur Snow)

Mercedes Ayuso, Montserrat Guillén and Miguel Santolino
"Individual prediction of automobile bodily injury claims liabilities" (Discussant: Chwen Chi Liu)


15:00 - 15:30 Coffee Break
15:30 - 17:30

Theory of Insurance Demand III (Chair: Christophe Courbage)

Christophe Courbage and Béatrice Rey
"On the willingness to pay to reduce risks of small losses" (Discussant: Nicolas Treich)

David Crainich and Louis Eeckhoudt
"On the intensity of downside risk aversion" (Discussant: Patrick Roger)

Johanna Etner and Meglena Jeleva
"Optimal prevention and savings: How to deal with fatalism?" (Discussant: Discussant: Christophe Courbage)

Behavior of insurers (Chair: Simone Krummaker)

J. David Cummins, Georges Dionne, Robert Gagné and Abdelhakim Nouira
"Efficiency of insurance firms with endogenous risk management and financial intermediation activities" (Discussant: Oliver Burkart)

Franz Diboky and Eva Ubl
"Ownership and efficiency in the German life insurance market: A DEA bootstrap approach" (Discussant: Paolo Zanghieri)

Madhusudan Acharyya
"Proposing a conceptual framework to measure the performance of enterprise risk management from an empirical study of four major European insurers" (Discussant: Simone Krummaker)


18:00 "Challenges to the Reinsurance Industry" Peter Lütke-Bornefeld

































Tuesday, September 18th

08:30 - 10:30

Reinsurance and capital markets (Chair: Chair: Thomas Post)

Carole Bernard and Weidong Tian
"Optimal reinsurance arrangements under tail risk measures" (Discussant: Larry Y. Tzeng)

Silke Brandts and Christian Laux
"Cat bonds and reinsurance: the competitive effect of information-insensitive triggers" (Discussant: Robert Kast)

Geoffroy Enjolras and Robert Kast
"Insuring catastrophe risk using participating and financial contracts: Implications for crop risk management" (Discussant: Discussant: Thomas Post)

Equilibrium in insurance markets (Chair: Millo Giovanni)

Christian Laux and Alexander Muermann
"Mutual versus stock insurers: Fair premium, capital and solvency" (Discussant: Mahito Okura)

Mahito Okura
"An equilibrium analysis of an insurance market with horizontal differentiation" (Discussant: Rachel J. Huang)


10:30 - 11:00 Coffee Break
11:00 - 12:30

Pricing I (Chair: N.N. )

Harry Niederau and Peter Zweifel
"Quasi risk-neutral pricing in insurance" (Discussant: Carole Bernard)

Emilio C.Venezian and Luisa Tibiletti
"Perturbation approximations to the price of default risk" (Discussant: N.N.)


Structure of insurance markets (Chair: Christian Laux)

Uwe Focht, Andreas Richter and Jörg Schiller "Intermediation, compensation and collusion in insurance markets" (Discussant: Geoffroy Enjolras)

Giovanni Millo and Giacomo Pasini
"Does social capital reduce moral hazard? A network model for non-life insurance demand" (Discussant: Christian Laux)


12:30 - 14:00 Lunch
14:00 - 15:00 EGRIE General Assembly
15:00 - 16:15 General Assembly
17:00 Guided Tour through Cologne and Dinner at Peters Brauhaus






















Wednesday, September 19th

9:00 - 10:30

Long-term contracts (Chair: Nadine Gatzert )

Anke Gerber and Kirsten I.M. Rohde
"Anomalies in intertemporal choice?" (Discussant: Sophie Chemarin)

Roman N. Schulze and Thomas Post
"Transferring the sticky: Individual annuity demand and demographic risk" (Discussant: Nadine Gatzert)


Empirical analysis of insurance demand (Chair: Emilio C. Venezian)

Giampaolo Galli and Carlo Savino
"Direct reimbursement schemes in compulsory motor liability insurance" (Discussant: Jörg Schiller)

Simone Krummaker and J.-Matthias Graf von der Schulenburg
"Corporate demand for insurance: Empirical evidence from Germany" (Discussant: Emilio C. Venezian)


10:30 - 11:00 Coffee Break
11:00 - 12:30

Theory of Insurance Demand IV (Chair: Roland Eisen )

Matthias Lang
"Ambiguity aversion in a principal agent framework"(Discussant: David Crainich)

Rachel Huang, Alexander Muermann and Larry Tzeng
"Hidden Regret and Advantageous Selection in Insurance Market"(Discussant: Roland Eisen)

Pricing II (Chair: Franz Diboky)

Neil A. Doherty, Anastasia Kartasheva and Richard D. Philips
"Does competition improve ratings?" (Discussant: Madhusudan Acharyya)

Nadine Gatzert
"Management strategies in life insurance: An examination with respect to risk pricing and risk measurement" (Discussant: Franz Diboky)

12:30 - 13:30 Farewell Lunch