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- Title
INSURANCE PREMIUMS AND DECISION ANALYSIS.
- Authors
Hickman, James C.; Miller, Robert B.
- Abstract
Recent criticisms of the principles and procedures by which insurance premiums have been determined are reviewed. Examples are developed which illustrate the application of the methods of decision analysis to the determination of insurance premiums. Problems sure as the measurement of consumer demand for insurance and the quantification of management objectives, which tend to remain in the background in conventional approaches to insurance premiums, must be squarely faced in applying decision analysis. Examples of how Bayesian decision methods may be used to modify initial insurance prices as experience unfolds and to arrive at rational decisions concerning ancillary benefits and options in insurance policies, are presented.
- Subjects
INSURANCE premiums; INSURANCE rates; DECISION making; BAYESIAN analysis; INSURANCE policies
- Publication
Journal of Risk & Insurance, 1970, Vol 37, Issue 4, p567
- ISSN
0022-4367
- Publication type
Article
- DOI
10.2307/251065