Functional Form Problems in Modeling Insurance and Gambling

Walter Diewert

The Geneva Risk and Insurance Review, 1995, vol. 20, issue 1, 135-150

Abstract: Defining the outputs of the property insurance and gambling sectors of an economy has proved to be a difficult problem for national income accountants. It is well known that the traditional expected-utility model is not consistent with economic agents fully insuring their property. Thus the present paper adapts existing non-expected-utility theories to yield useful measures of output for the property insurance and gambling sectors. The Geneva Papers on Risk and Insurance Theory (1995) 20, 135–150. doi:10.1007/BF01098962

Date: 1995
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