Synopsis
Excerpt from The Economic Theory of Risk and Insurance
A word of explanation may be in order with regard to my failure to give credit to others in all cases for ideas which have been published before. This has sometimes been due to the fact that the ideas were so much common property that it was impossible to assign them to any particular writer. In other instances the omission is to be explained on the ground that in the course of a considerable amount of reading on the sub j ect of insurance, the significance of many statements was over looked at the time when they were read. After their import ance had come to be appreciated, it was not always possible to trace them to their sources.
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Review
"One of the classic books on Insurance is Allan H. Willett's The Economic Theory of Risk and Insurance. . . . This has long been a scarce item, in fact, impossible to buy, although every student of Insurance knows that it was the first and still remains the best discussion of the economic principles of Insurance."--Robert Riegel, Professor of Statistics and Insurance, University of Buffalo
About the Author
Allan H. Willett was a member of the faculty of Carnegie Mellon University.
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The Economic Theory of Risk and Insurance (Classic Reprint)
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Paperback. Condition: New. Print on Demand. This book focuses on the significance of uncertainty in economic theory, particularly its role in distributing losses and the rewards for bearing them. It begins by establishing the importance of distinguishing between static and dynamic forces in economics and how dynamic forces can create discrepancies between actual and expected values. The author explores the various types of risk in economic life, from the risks to capital and labor to positive and negative, static and dynamic, and developmental. It notes that static and dynamic losses have different effects on economic outcomes, with static losses being more predictable and easier to account for. The author proposes that the cost of risk falls upon consumers, and that risk-taking is a productive activity that generates social gains, with the reward for risk-taking determined by the insurance fund. The book concludes by highlighting the role of insurance in distributing losses and its benefits to society. The book contributes to the theoretical understanding of risk and insurance by providing a framework for analyzing the effects of risk on economic activity and the role of insurance in mitigating those effects. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Seller Inventory # 9781333548179_0
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The Economic Theory of Risk and Insurance Classic Reprint
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PAP. Condition: New. New Book. Shipped from UK. Established seller since 2000. Seller Inventory # LW-9781333548179
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The Economic Theory of Risk and Insurance Classic Reprint
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PAP. Condition: New. New Book. Shipped from UK. Established seller since 2000. Seller Inventory # LW-9781333548179
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