Chapter 14 Uncertainty and the Emergence of Insurance.
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Transcript of Chapter 14 Uncertainty and the Emergence of Insurance.
![Page 1: Chapter 14 Uncertainty and the Emergence of Insurance.](https://reader033.fdocuments.net/reader033/viewer/2022061306/5514727e550346414e8b6157/html5/thumbnails/1.jpg)
Chapter 14
Uncertainty and theEmergence of Insurance
![Page 2: Chapter 14 Uncertainty and the Emergence of Insurance.](https://reader033.fdocuments.net/reader033/viewer/2022061306/5514727e550346414e8b6157/html5/thumbnails/2.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 14- 2
Figure 14.1 Discrete Probability Distribution
![Page 3: Chapter 14 Uncertainty and the Emergence of Insurance.](https://reader033.fdocuments.net/reader033/viewer/2022061306/5514727e550346414e8b6157/html5/thumbnails/3.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 14- 3
Figure 14.2 Continuous Probability Distributions
![Page 4: Chapter 14 Uncertainty and the Emergence of Insurance.](https://reader033.fdocuments.net/reader033/viewer/2022061306/5514727e550346414e8b6157/html5/thumbnails/4.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 14- 4
Figure 14.3(a) Two Investments in Wheat Production
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Copyright © 2001 Addison Wesley Longman
Slide 14- 5
Figure 14.3(b) Two Investments in Wheat Production
![Page 6: Chapter 14 Uncertainty and the Emergence of Insurance.](https://reader033.fdocuments.net/reader033/viewer/2022061306/5514727e550346414e8b6157/html5/thumbnails/6.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 14- 6
Figure 14.4 Risk Neutrality
![Page 7: Chapter 14 Uncertainty and the Emergence of Insurance.](https://reader033.fdocuments.net/reader033/viewer/2022061306/5514727e550346414e8b6157/html5/thumbnails/7.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 14- 7
Figure 14.5 Risk Aversion
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Copyright © 2001 Addison Wesley Longman
Slide 14- 8
Figure 14.6 Risk Preference
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Copyright © 2001 Addison Wesley Longman
Slide 14- 9
Figure 14.7 Risk Aversion and Insurance
![Page 10: Chapter 14 Uncertainty and the Emergence of Insurance.](https://reader033.fdocuments.net/reader033/viewer/2022061306/5514727e550346414e8b6157/html5/thumbnails/10.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 14- 10
Figure 14.8 Risk Preference and Insurance
![Page 11: Chapter 14 Uncertainty and the Emergence of Insurance.](https://reader033.fdocuments.net/reader033/viewer/2022061306/5514727e550346414e8b6157/html5/thumbnails/11.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 14- 11
Figure 14.9(a) Risk-Averse Geoffreys and Risk-Preferring Elizabeths
![Page 12: Chapter 14 Uncertainty and the Emergence of Insurance.](https://reader033.fdocuments.net/reader033/viewer/2022061306/5514727e550346414e8b6157/html5/thumbnails/12.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 14- 12
Figure 14.9(b) Risk-Averse Geoffreys and Risk-Preferring Elizabeths
![Page 13: Chapter 14 Uncertainty and the Emergence of Insurance.](https://reader033.fdocuments.net/reader033/viewer/2022061306/5514727e550346414e8b6157/html5/thumbnails/13.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 14- 13
Figure 14.10 Willingness to Sell Insurance
![Page 14: Chapter 14 Uncertainty and the Emergence of Insurance.](https://reader033.fdocuments.net/reader033/viewer/2022061306/5514727e550346414e8b6157/html5/thumbnails/14.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 14- 14
Figure 14.11(a) Risk and Variance
![Page 15: Chapter 14 Uncertainty and the Emergence of Insurance.](https://reader033.fdocuments.net/reader033/viewer/2022061306/5514727e550346414e8b6157/html5/thumbnails/15.jpg)
Copyright © 2001 Addison Wesley Longman
Slide 14- 15
Figure 14.11(b) Risk and Variance