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Has the Time Come for Comprehensive Natural Disaster Insurance?
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Has the Time Come for Comprehensive Natural Disaster Insurance? (2006)Has the Time Come for Comprehensive Natur…Insurance Decision-Making and Market Behavior (2005)Insurance Decision-Making and…Catastrophe Modeling: A New Approach to Managing Risk (2005)Catastrophe Modeling: A New A…Neglecting Disaster: Why Don't People Insure Against Large Losses? (2003)Neglecting Disaster: Why Don'…When All Else Fails: Government as the Ultimate Risk Manager (2002)When All Else Fails: Governme…Can insurers pay for the “big one”? Measuring the capacity of the insurance market to respond to catastrophic losses (2002)Can insurers pay for the “big…Paying the Price: The Status and Role of Insurance against Natural Disasters in the United States (2000)Paying the Price: The Status …The Complementary Roles of Mitigation and Insurance in Managing Catastrophic Risks (1999)The Complementary Roles of Mi…The Role of Government Contracts in Discretionary Reinsurance Markets for Natural Disasters (1996)The Role of Government Contra…Mitigating disaster losses through insurance (1996)Mitigating disaster losses th…Capacity Constraints and Cycles in Property-Casualty Insurance Markets (1994)Capacity Constraints and Cycl…On the Corporate Demand for Insurance: Evidence from the Reinsurance Market (1990)On the Corporate Demand for I…Asymmetric Information and the New Theory of the Firm: Financial Constraints and Risk Behavior (1990)Asymmetric Information and th…Risk, ambiguity, and insurance (1989)Risk, ambiguity, and insuranceProspect theory: An analysis of decision under risk (1988)Prospect theory: An analysis …Disaster insurance protection: Public policy lessons (1978)Disaster insurance protection…Safety First and the Holding of Assets (1952)Safety First and the Holding …Expectation in Economics (1949)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Optimal Versus Naive Diversification: How Inefficient is the 1/ N Portfolio Strategy? (2007)Bank Governance, Regulation, and Risk Taking (2008)Essays in the Theory of Risk-Bearing. 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(2007)Risk attitudes to low-probability climate change risks: WTP for flood insurance (2012)Prospect Theory: An Analysis of Decision under Risk (1979)Contingent weighting in judgment and choice. (1988)Adaptive capacity and human cognition: The process of individual adaptation to climate change (2005)Psychological research and global climate change (2015)Judgment under Uncertainty: Heuristics and Biases (1975)Exploration and Exploitation in Organizational Learning (1991)Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance (2007)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)The Economic Institutions of Capitalism (1986)The Economic Institutions of Capitalism (1987)The Contributions of the Economics of Information to Twentieth Century Economics (2000)Information and the Change in the Paradigm in Economics (2002)Where Modern Macroeconomics Went Wrong (2017)Judged frequency of lethal events. (1978)Handbook of Emotions (1993)The Protective Action Decision Model: Theoretical Modifications and Additional Evidence (2011)Knowing better and losing even more: the use of knowledge in hazards management (2001)Population Evacuation: Assessing Spatial Variability in Geophysical Risk and Social Vulnerability to Natural Hazards (2005)Myopic Voters and Natural Disaster Policy (2009)Managing Disruption Risks in Supply Chains (2005)The design of robust value-creating supply chain networks: A critical review (2009)Determinants of Risk: Exposure and Vulnerability (2012)
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References

  • 1988Prospect theory: An analysis of decision under risk32,475 cited
  • 1952Safety First and the Holding of Assets2,555 cited
  • 1978Disaster insurance protection: Public policy lessons775 cited
  • 1996Mitigating disaster losses through insurance614 cited
  • 2005Catastrophe Modeling: A New Approach to Managing Risk535 cited
  • 1990On the Corporate Demand for Insurance: Evidence from the Reinsurance Market485 cited
  • 2003Neglecting Disaster: Why Don't People Insure Against Large Losses?353 cited
  • 1990Asymmetric Information and the New Theory of the Firm: Financial Constraints and Risk Behavior334 cited
  • 1989Risk, ambiguity, and insurance314 cited
  • 2000Paying the Price: The Status and Role of Insurance against Natural Disasters in the United States233 cited
  • 1994Capacity Constraints and Cycles in Property-Casualty Insurance Markets232 cited
  • 2002When All Else Fails: Government as the Ultimate Risk Manager215 cited
  • 2002Can insurers pay for the “big one”? Measuring the capacity of the insurance market to respond to catastrophic losses193 cited
  • 2005Insurance Decision-Making and Market Behavior165 cited
  • 1996The Role of Government Contracts in Discretionary Reinsurance Markets for Natural Disasters

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142 cited
  • 1999The Complementary Roles of Mitigation and Insurance in Managing Catastrophic Risks127 cited
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