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Skill and Chance in Insurance Policies

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Abstract

In a game theoretical setting it is possible to assign a relative measurement of the skill required to each player for maximizing his payoff in a casino game; according to this approach we analyze the relevance of skill and chance in an insurance contract, both for the insurance company and for the customer.

Suggested Citation

  • Vito Fragnelli & Maria Erminia Marina, 2011. "Skill and Chance in Insurance Policies," Czech Economic Review, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 5(2), pages 191-202, August.
    • Handle: RePEc:fau:aucocz:au2011_191
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    1. Marcel Dreef & Peter Borm & Ben van der Genugten, 2004. "A new relative skill measure for games with chance elements," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 25(5), pages 255-264.
    2. Patrick Larkey & Joseph B. Kadane & Robert Austin & Shmuel Zamir, 1997. "Skill in Games," Management Science, INFORMS, vol. 43(5), pages 596-609, May.
    3. Marcel Dreef & Peter Borm & Ben van der Genugten, 2004. "Measuring skill in games: several approaches discussed," Mathematical Methods of Operations Research, Springer;Gesellschaft für Operations Research (GOR);Nederlands Genootschap voor Besliskunde (NGB), vol. 59(3), pages 375-391, July.
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    More about this item

    Keywords

    Skill; casino game; insurance;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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