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  • Photo du rédacteurHélène Dufour

Consumer Utility, Capital and Fair Profit Margins in Insurance

"Observed #competitive market #profitmargins in #insurance have generally exceeded what is considered fair being the #capm adjustment for risky loss cashflows. This potential ‘missing link’ has attempted to be explained by either #risk, #capital or frictions that are unrecognised by the theory. It is proposed here that the missing link instead relates to the consumption of insurance services for which a fair profit margin arises under marginal utility principles."


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