English, Article edition: Sharing responsibility: what they didn't teach you in kindergarten Michael R. Powers

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Bookmark: http://trove.nla.gov.au/version/8869
Physical Description
  • article
Language
  • English

Edition details

Title
  • Sharing responsibility: what they didn't teach you in kindergarten
Author
  • Michael R. Powers
Physical Description
  • article
Notes
  • Purpose – The purpose of this paper is to consider the problem of allocating responsibility for risk through a simple classroom vignette that illustrates some of the difficulties encountered in more complex real-world scenarios. Design/​methodology/​approach – After considering a number of ad hoc allocation methods, this study focuses on the Shapley and Aumann-Shapley values from cooperative game theory. Findings – Shows that the Aumann-Shapley value provides a useful tool for allocating risk in a real-world insurance context, and therefore may be used to distribute capital (surplus) and premium loadings. Originality/​value – The paper offers insights into both the challenges of the risk-allocation problem and its proposed solutions.
  • Capital, Insurance, Risk management
  • RePEc:eme:jrfpps:v:8:y:2007:i:2:p:93-96
Language
  • English
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