Borch’s Theorem: A Historical Survey of Applications

Jean Lemaire

Chapter 2 in Risk, Information and Insurance, 1991, pp 15-37 from Springer

Abstract: Abstract Utility theory was introduced in the actuarial world by Borch [8], in 1961. In a series of celebrated papers, ([5], [6], [7], [9], [11]), he progressively developed the risk exchange model that will forever bear his name. Over a quarter of a century after its creation, the model continues to attract worldwide attention, as demonstrated by the continous flow of articles applying, or extending, Borch’s seminal ideas. Self-contained presentations of the model can be found in the textbooks of Borch [10], Bühlmann [13], and Gerber [23], among others.

Keywords: Risk Aversion; Cooperative Game; Risk Exchange; Collective Rationality; Certainty Equivalent (search for similar items in EconPapers)
Date: 1991
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DOI: 10.1007/978-94-009-2183-2_2

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