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This chapter starts by applying classical financial theory to the problem of insurance pricing. It proceeds by relaxing the classical assumptions of complete and frictionless markets and reviewing the literature on insurance pricing with various frictional costs. In the penultimate section, we compare and contrast the approaches used in practice with the models offered by academics. We conclude by identifying important areas for future research.

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Pricing Insurance Risk: Reconciling Theory and Practice

  • 章节

  • 发表日期：

    2025年

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  • Daniel Bauer,
  • Richard D. Phillips,
  • George Zanjani

摘要

This chapter starts by applying classical financial theory to the problem of insurance pricing. It proceeds by relaxing the classical assumptions of complete and frictionless markets and reviewing the literature on insurance pricing with various frictional costs. In the penultimate section, we compare and contrast the approaches used in practice with the models offered by academics. We conclude by identifying important areas for future research.