Module Handbook

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Module WIW-FE-INS-M-7

Insurance Economics (M, 4.5 LP)

Module Identification

Module Number Module Name CP (Effort)
WIW-FE-INS-M-7 Insurance Economics 4.5 CP (135 h)

Basedata

CP, Effort 4.5 CP = 135 h
Position of the semester 1 Sem. in SuSe
Level [7] Master (Advanced)
Language [EN] English
Module Manager
Wenzelburger, Jan, Prof. Dr. (PROF | DEPT: WIW)
Lecturers
Wenzelburger, Jan, Prof. Dr. (PROF | DEPT: WIW)
Area of study [WIW-FE] Macroeconomics
Reference course of study [WIW-88.21-SG#2009] M.Sc. Business Studies (2009) [2009]
Livecycle-State [NORM] Active

Courses

Type/SWS Course Number Title Choice in
Module-Part 		Presence-Time /
Self-Study 		SL SL is
required for exa. 		PL CP Sem.
4V WIW-FE-INS-K-7
Insurance Economics
P 45 h 90 h - - PL1 4.5 SuSe
  • About [WIW-FE-INS-K-7]: Title: "Insurance Economics"; Presence-Time: 45 h; Self-Study: 90 h

Examination achievement PL1

  • Form of examination: written or oral examination
  • Examination Frequency: each semester

Evaluation of grades

The grade of the module examination is also the module grade.

Oral exam (30 minutes) or written exam at the end of semester.

Contents

From [WIW-FE-INS-K-7] Insurance Economics:
The main objective of this module is to familiarize students with the modelling of insurance demand and supply.

Topics:

  • Foundations of expected utility theory
  • Co-Insurance and deductible insurance
  • Mossin’s theorem
  • Insurance principles
  • Adverse selection, moral hazard
  • Asymmetric information

Competencies / intended learning achievements

  • Understand how decisions makers choose from a given set of lotteries
  • Compute optimal levels of co-insurance and deductibles
  • Understand and compare insurance principles
  • Model insurance decisions under asymmetric information

Literature

From [WIW-FE-INS-K-7] Insurance Economics:
  • Rees, Ray and Wambach, Achim: The Microeconomicsof Insurance. Foundations and Trends in Microeconomics Now Publishers Inc. Delft, 2008
  • Dionne, Georges: Handbook of Insurance, Springer 2013
  • Mas-Colell, Andreu; Whinston, Michael D. and Green, Jerry: Microeconomic Theory. Oxford University Press 1995
  • Gravelle, Hugh and Rees, Ray. Microeconomics. 2004

Requirements for attendance of the module (informal)

None

Requirements for attendance of the module (formal)

None

References to Module / Module Number [WIW-FE-INS-M-7]

Course of Study Section Choice/Obligation
[MAT-88.B84-SG] M.Sc. Actuarial and Financial Mathematics [Core Modules (non specialised)] Financial Economics [P] Compulsory
Module-Pool Name
[GS-CVT-BS-2022-E-MPOOL-6] Catalog Electives Business Studies and Economics 2022
[WIW-ET-MPOOL-7] Field of Specialization: Economic Theory
[WIW-FE-MPOOL-7] Field of Specialization: Financial Economics