Intermediate Microeconomics · 免费预览
状态依存消费与保险预算
不确定性把消费转化为状态依存的消费组合，保险市场通过赔率为各状态定价，而在公平费率下，经过禀赋点的预算线斜率为损失概率与无损失概率之比的负值。
1. Consumption with a state label
Consumption with a state label
2. Fair odds
Fair odds
3. Unfair odds and no insurance
Unfair odds and no insurance
4. The state-price logic
The state-price logic
5. The endowment
Wealth 1000, loss of 400 with probability one quarter. What is the contingent consumption endowment?
6. The fair slope
At fair odds with loss probability one quarter, what is the budget slope and its meaning?
7. Full coverage arithmetic
Buying full coverage K of 400 at the fair premium rate 0.25, what bundle results?
8. Loaded premiums
An insurer charges 0.35 per dollar of coverage instead of the fair 0.25. What happens to the budget and to full coverage?
9. The fair premium
With loss 400 at probability 0.25, compute the actuarially fair premium for full coverage, and write the number.
10. Net payout in the bad state
Same full coverage, compute the net addition to bad-state consumption, and write the number.
11. The loaded slope
At a premium rate gamma of 0.35, what is the slope of the contingent budget line?
12. Full coverage at the loaded rate
Buying full coverage K of 400 at gamma 0.35, which bundle results?
13. Insurance as the mean
At fair odds, full coverage converts the 1000-or-600 gamble into a certain 900. What is 900?
14. The building block of insurance
Finance calls a dollar delivered only in the bad state an Arrow security. How does insurance relate to it?
15. The loaded slope's magnitude
At gamma of 0.35, compute the magnitude of the budget slope, one minus gamma over gamma, rounded to two decimals, and write the number.
16. The bad state under loaded full coverage
At gamma of 0.35 with full coverage, the good state lands at 860. Compute the bad state's consumption, and write the number.