Risk-sharing institutions for unpredictable losses

Article Abstract:

Theoretical insurance literature tends to assume loss probabilities that are subjectively assigned, but probability does not have to be assigned for risk sharing to be mutually beneficial. Common pools are often used to share risks between joint venture, guilds, shipowners and other groups confronted with similar risks. This is particularly true when loss probability is especially uncertain in the initial phases of ventures. The State may cover risks on a collective basis due to uncertainty and problems in calculating subjective probabilities.

Insurance, Insurance Carriers and Related Activities, INSURANCE CARRIERS, Insurance industry, Uncertainty, Risk (Insurance)

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Institutions and preferences: an evolutionary perspective

Article Abstract:

The development of preferences and rational behavior are both affected when institutions change. This means that theories using the idea of stable preferences may be misleading. An indirect evolutionary approach can be used to study how institutions affect preferences as well as behavior. There are a number of advantages to recognising that preferences can change. Behavior may be more understandable once one takes into account the fact that preferences can change, and it also becomes easier to influence behavior.

Social aspects, Rational expectations (Economics)

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Another tale of two cities: notes on institutions in Hong Kong and Singapore

Article Abstract:

Both Hong Kong and Singapore benefit from a strong business institutional framework. This includes aspects such as lack of bureaucratic corruption, and security of property rights.

Singapore, Asia, Hong Kong

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