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Chapter 14 Uncertainty and the Emergence of Insurance.

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Presentation on theme: "Chapter 14 Uncertainty and the Emergence of Insurance."— Presentation transcript:

1 Chapter 14 Uncertainty and the Emergence of Insurance

2 Copyright © 2001 Addison Wesley LongmanSlide Figure 14.1 Discrete Probability Distribution

3 Copyright © 2001 Addison Wesley LongmanSlide Figure 14.2 Continuous Probability Distributions

4 Copyright © 2001 Addison Wesley LongmanSlide Figure 14.3(a) Two Investments in Wheat Production

5 Copyright © 2001 Addison Wesley LongmanSlide Figure 14.3(b) Two Investments in Wheat Production

6 Copyright © 2001 Addison Wesley LongmanSlide Figure 14.4 Risk Neutrality

7 Copyright © 2001 Addison Wesley LongmanSlide Figure 14.5 Risk Aversion

8 Copyright © 2001 Addison Wesley LongmanSlide Figure 14.6 Risk Preference

9 Copyright © 2001 Addison Wesley LongmanSlide Figure 14.7 Risk Aversion and Insurance

10 Copyright © 2001 Addison Wesley LongmanSlide Figure 14.8 Risk Preference and Insurance

11 Copyright © 2001 Addison Wesley LongmanSlide Figure 14.9(a) Risk-Averse Geoffreys and Risk- Preferring Elizabeths

12 Copyright © 2001 Addison Wesley LongmanSlide Figure 14.9(b) Risk-Averse Geoffreys and Risk- Preferring Elizabeths

13 Copyright © 2001 Addison Wesley LongmanSlide Figure Willingness to Sell Insurance

14 Copyright © 2001 Addison Wesley LongmanSlide Figure 14.11(a) Risk and Variance

15 Copyright © 2001 Addison Wesley LongmanSlide Figure 14.11(b) Risk and Variance


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