Reactive Risk and Rational Action

Lingua: inglese

Editore: University of California Press, US, 1985

0520362896 / 9780520362895

Serie: Libro 20 di 23 - California series on social choice and political economy

Da: Rarewaves USA United, HEBRON, KY, U.S.A.Rarewaves USA United

Venditore con 5 stelle

Venditore AbeBooks dal 20 giugno 2025

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EUR 107,15

EUR 44,58 spedizione 
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Descrizione dell’articolo da parte del venditore

Reactive Risk and Rational Action: Managing Moral Hazard in Insurance Contracts offers a sophisticated anatomy of how insurers confront losses that change precisely because insurance exists. Rather than treating pricing as a purely actuarial exercise, the book shows why markets "thin" when incentives shift and why insurers embed hierarchy inside contracts to steady calculation. Beginning with a clear definition of reactive risk-loss probabilities that move in response to policyholder behavior-the author reframes moral hazard as a strategic interaction, not just a pricing nuisance. Core chapters track how institutions convert reactive risks into fixed ones: aligning incentives through deductibles, coinsurance, and experience rating; relocating key safeguards to third parties (building codes, inspection regimes, classification societies); and continuously re-valuing property to preserve indemnity and deter fraud. Through tightly argued case studies-urban fire insurance, risks at sea, and surety bonding-the book ties rating and underwriting practices to real-world constraints like distance from decision makers, information asymmetries, and organizational control. Bridging decision theory and the economics of institutions, the study demonstrates how insurance markets endure only when contracts create a "community of fate" between insurer and insured-making prevention, not just payout, the common objective. Methodological notes on how insurers model individuals and organizations complement analyses of warranties, sue-and-labor clauses, general average, salvage, and valuation rules, revealing why some hazards prove insurable and others do not. The concluding theory of reactive risk connects calculation to governance: when incentives and oversight are designed well, insurers can price rare events without inviting them; when they are not, markets unravel. The enduring takeaway is crisp and consequential: managing moral hazard is less about better odds and more about better institutions-insurance works when contracts strategically reshape behavior so that markets can function at all. This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1985.…

Codice articolo LU-9780520362895

Titolo
Reactive Risk and Rational Action
Autore
Carol A. Heimer
Editore
University of California Press, US
Anno di pubblicazione
1985
Condizione
New
Rilegatura
Hardback
Lingua
inglese
ISBN 10
0520362896
ISBN 13
9780520362895
Peso dell'articolo
499 grammi
Serie
Libro 20 di 23: California series on social choice and political economy

Rarewaves USA United

HEBRON, KY, U.S.A.

Venditore con 5 stelle

Venditore AbeBooks dal 20 giugno 2025

Tariffe di spedizione nazionale per U.S.A.

ArticoloDa 30 a 30 giorni lavorativiDa 14 a 14 giorni lavorativi
Primo articoloEUR 44,58EUR 59,73
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