34th Seminar of the European Group of Risk and Insurance Economists (EGRIE) Programme

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Monday, September 17, 2007
8:30-9:00	Registration
9:00-9.15	Welcome Address (Auditory I)
9.15-10:30	19th Geneva Risk Economics Lecture "On Optimal Insurance in the Presence of Moral Hazard" Edi Karni (Johns Hopkins University) (Auditory I)
10:30-11.00	Coffee Break
11:00-12:30	AUDITORY I Theory of Insurance Demand I Chair: Ulrich Schmidt AUDITORY II Insurance Economics Chair: Miguel Santolino Risk apportionment and stochastic dominance Louis Eeckhoudt, Harris Schlesinger and Ilia Tsetlin Discussant: Kirsten Rohde Insurance as a normal good: Empirical evidence for a puzzle Jérôme Foncel and Nicolas Treich Discussant: Ray Rees Does the consciousness of the disposition effect increase the equity premium? Patrick Roger Discussant: Ulrich Schmidt A new approximation for the risk premium with large risks Richard Watt Discussant: Miguel Santolino
12:30-13:30	Lunch (Mensa)
13:30-15:00	AUDITORY I Theory of Insurance Demand II Chair: Alexander Muermann AUDITORY II Automobile insurance Chair: Chwen-Chi Liu Innovation and precaution under time inconsistency and uncertainty Sophie Chemarin and Caroline Orset Discussant: Matthias Lang Decomposing automobile insurance policy buying behaviour – evidence of adverse selection Chu-Shiu Li, Chwen-Chi Liu and Jia-Hsing Yeh Discussant: Arthur Snow Consumption externality and equilibrium underinsurance Rachel J. Huang and Larry Y. Tzeng Discussant: Alexander Muermann Individual prediction of automobile bodily injury claims liabilities Mercedes Ayuso, Montserrat Guillén and Miguel Santolino Discussant: Chwen Chi Liu
15:00-15:30	Coffee Break
15:30-17:30	AUDITORY I Theory of Insurance Demand III Chair: Christophe Courbage AUDITORY II Behavior of insurers Chair: Simone Krummaker On the willingness to pay to reduce risks of small losses Christophe Courbage and Béatrice Rey Discussant: Nicolas Treich Efficiency of insurance firms with endogenous risk management and financial intermediation activities J. David Cummins, Georges Dionne, Robert Gagné and Abdelhakim Nouira Discussant: Oliver Burkart On the intensity of downside risk aversion David Crainich and Louis Eeckhoudt Discussant: Patrick Roger Ownership and efficiency in the German life insurance market: A DEA bootstrap approach Franz Diboky and Eva Ubl Discussant: Paolo Zanghieri Optimal prevention and savings: How to deal with fatalism? Johanna Etner and Meglena Jeleva Discussant: Christophe Courbage Proposing a conceptual framework to measure the performance of enterprise risk management from an empirical study of four major European insurers Madhusudan Acharyya Discussant: Simone Krummaker
17:30	Bus transfer to Cologne Re (Departure: Albertus-Magnus-Platz)
18:00	"Challenges to the Reinsurance Industry" Peter Lütke-Bornefeld (Chairman of the Board of Executive Directors of Kölnische Rückversicherungs-Gesellschaft AG)
19:00	Cocktails and Dinner Reception at Cologne Re
Tuesday, September 18, 2007
8:30-10:30	AUDITORY I Reinsurance and capital markets Chair: Thomas Post AUDITORY II Equilibrium in insurance markets Chair: Millo Giovanni Optimal reinsurance arrangements under tail risk measures Carole Bernard and Weidong Tian Discussant: Larry Y. Tzeng Mutual versus stock insurers: Fair premium, capital and solvency Christian Laux and Alexander Muermann Discussant: Mahito Okura Cat bonds and reinsurance: the competitive effect of information-insensitive triggers Silke Brandts and Christian Laux Discussant: Robert Kast An equilibrium analysis of an insurance market with horizontal differentiation Mahito Okura Discussant: Rachel J. Huang Insuring catastrophe risk using participating and financial contracts: Implications for crop risk management Geoffroy Enjolras and Robert Kast Discussant: Thomas Post
10:30-11:00	Coffee Break
11:00-12:30	AUDITORY I Pricing I Chair: N.N. AUDITORY II Structure of insurance markets Chair: Christian Laux Quasi risk-neutral pricing in insurance Harry Niederau and Peter Zweifel Discussant: Carole Bernard Intermediation, compensation and collusion in insurance markets Uwe Focht, Andreas Richter and Jörg Schiller Discussant: Geoffroy Enjolras Perturbation approximations to the price of default risk Emilio C.Venezian and Luisa Tibiletti Discussant: N.N. Does social capital reduce moral hazard? A network model for non-life insurance demand Giovanni Millo and Giacomo Pasini Discussant: Christian Laux
12:30-14:00	Lunch (Mensa)
14:00-15:00	Ernst Meyer Prize: Laureate Wenan Fei (Auditory I)
15:00-16:15	EGRIE General Assembly (Auditory I)
17:00-18:30	Guided Tour through Cologne
19:00	Dinner at Peters Brauhaus
Wednesday, September 19, 2007
9:00 -10:30	AUDITORY I Long-term contracts   Chair: Nadine Gatzert AUDITORY II Empirical analysis of insurance demand Chair: Emilio C. Venezian Anomalies in intertemporal choice? Anke Gerber and Kirsten I.M. Rohde Discussant: Sophie Chemarin Direct reimbursement schemes in compulsory motor liability insurance Giampaolo Galli and Carlo Savino Discussant: Jörg Schiller Transferring the sticky: Individual annuity demand and demographic risk Roman N. Schulze and Thomas Post Discussant: Nadine Gatzert Corporate demand for insurance: Empirical evidence from Germany Simone Krummaker and J.-Matthias Graf von der Schulenburg Discussant: Emilio C. Venezian
10:30-11:00	Coffee Break
11:00-12:30	AUDITORY I Theory of Insurance Demand IV Chair: Roland Eisen AUDITORY II Pricing II Chair: Franz Diboky Ambiguity aversion in a principal agent framework Matthias Lang Discussant: David Crainich Does competition improve ratings? Neil A. Doherty, Anastasia Kartasheva and Richard D. Philips Discussant: Madhusudan Acharyya Hidden Regret and Advantageous Selection in Insurance Market Rachel Huang, Alexander Muermann and Larry Tzeng Discussant: Roland Eisen Management strategies in life insurance: An examination with respect to risk pricing and risk measurement Nadine Gatzert Discussant: Franz Diboky
12:30-13:30	Lunch and farewell