The Role of Securities and Labor Contracts in the Optimal Allocation of Risk-Bearing

Jacques Dreze

Chapter 3 in Risk, Information and Insurance, 1991, pp 41-65 from Springer

Abstract: Abstract The economics of uncertainty should some day inspire students of economic thought. Developments over the past few decades provide a vivid illustration of the interplay between abstract theorizing and applied interests. In any account of these developments, the specific early contribution of Karl Borch [1960] is bound to stand out. The circumstances are noteworthy. In 1959, Karl Borch (then 40 years old) came to Bergen from a succession of jobs for international organizations. He writes: “When in 1959 I got a research post which gave me almost complete freedom, as long as my work was relevant to insurance, I naturally set out to develop an economic theory of insurance.”1 That he should within a year have made a decisive step in that direction is amazing.2

Keywords: Asset Price; Risk Premium; Labor Income; Risk Tolerance; Contingent Claim (search for similar items in EconPapers)
Date: 1991
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Related works:
Working Paper: The role of securities and labour contracts in the optimal allocation of risk-bearing (1991)
Working Paper: THE ROLE OF SECURITIES AND LABOUR CONTRACTS IN THE OPTIMAL ALLOCATION OF RISK-BEARING (1989)
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DOI: 10.1007/978-94-009-2183-2_3

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