RT Article
T1 A contractarian approach to actuarial fairness
JF Journal of business ethics
VO 196
IS 3
SP 555
OP 564
A1 Heras, Antonio
A1 Pradier, Pierre-Charles
A1 Teira, David ca. 20./21. Jh.
A2 Pradier, Pierre-Charles
A2 Teira, David ca. 20./21. Jh.
LA English
YR 2025
UL https://ixtheo.de/Record/1916142001
AB We defend, from a contractarian perspective, that the fair price of an insurance policy is the amount that the contracting parties agree when they are both equally uncertain about the insured event. Drawing on the approach developed by R. Sugden in The Community of Advantage, we answer two standard objections raised against contractarianism in the actuarial sciences: (1) people are not wise enough to assess their actuarial risks; (2) they are not rational enough to decide which insurance policy suits them better. We show under which circumstances people can make fair actuarial agreements, without presupposing any objective risk or rationality benchmarks.
K1 Actuarial fairness
K1 Contractarianism
K1 Risk
K1 Aufsatz in Zeitschrift
DO 10.1007/s10551-023-05602-x