Ökonomische Analyse industrieller Großrisiken / An Economic Analysis of Large Industrial Hazards
Querner Immo and
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Endres Alfred: Fernuniversität GH Hagen, FB Wirtschaftswissenschaft, Postfach 9 40, D-58084 Hagen
Querner Immo: McKinsey 8c Company, Kurfürstendamm 186, D-10707 Berlin
Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), 1995, vol. 214, issue 1, 58-76
First, it is shown that by means of incorporating bequest motives the aversion against large physical risks is covered by the von Neumann/Morgenstern framework; both in terms of the unlikeliness of the hazard and its “catastrophiness”. This finding challenges a good part of the relevant literature. (Furthermore, the structural resemblence of the preference pattern of physically threatened individuals and the under-writing behaviour of industrial liability insurers is demonstrated.) Second, it is argued that from a pragmatic point of view standard liability rules may be a powerful risk-regulatory tool if they are combined with certain fiscal and insuranceregulative instruments.
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