Overview

This text is concerned with the economics of potentially fatal industrial hazards, namely the prospect of very unlikely, yet catastrophic, incidents. The first part of the analysis is devoted to the microeconomic representation of the relevant risk-preference patterns displayed by both endangered individuals as well as insurers exposed to risk on the basis of the von Neumann-Morgenstern framework. The second part is concerned with a standard microeconomic assessment of the welfare-impact of industrial facilities constituting a severe industrial hazard. Particular attention is paid to the economic investigation into insurance regulatory policy-instruments aimed at correcting risk-externalities created by the risk-emiting sector. Thus, the book serves two primary objectives: to provide a better theoretical understanding and modelling of the economic nature of the problem constituted by severe industrial hazards; and to develop regulatory concepts by means of adroitly instrumentalizing the incentives provided by the insurance sector and the law of tort.

Full Product Details

Author:   Immo Querner
Publisher:   Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
Imprint:   Physica-Verlag GmbH & Co
Edition:   Softcover reprint of the original 1st ed. 1993
Dimensions:   Width: 15.50cm , Height: 1.50cm , Length: 23.50cm
Weight:   0.445kg
ISBN:  

9783790806786

ISBN 10:   3790806781
Pages:   272
Publication Date:   27 May 1993
Audience:   College/higher education ,  Professional and scholarly ,  Postgraduate, Research & Scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   Out of stock  
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Table of Contents

Nomenclature.- Nomenclature.- A: A General Model of aversion Against Severe Industrial Hazards.- I. ‘Unlikeliness’ of Physical Risks.- II. ‘Catastrophiness’ of Physical Risks.- III. Likeliness vs. Catastrophiness of Physical Risks.- IV. A Liability Insurer’s Risk Evaluation.- B: A Micro-Economic Analysis of Measures Against Severe Industrial Hazards.- I. Risk Evaluation for a ‘Reference Model’ of Industrial Hazards.- II. Aggregation of Individual Risk/Consumption Preference Patterns.- III. Aggregate Risk-Reduction Cost.- IV. Optimal Provision of Physical Safety.- V. Market Solutions, Failures and Corrections.- Conclusion.- References.

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