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A large, well-established home insurance company writes insurance policies to cover losses from fire, theft, and vandalism. In a recent financial review, managers discovered that company performance was lagging behind projections. They examined pricing and claims history in more detail and identified a group of about 10,000 customers whose claims far exceeded the collected premiums. Members of the actuarial group, whose compensation was partially tied to profitability of the policies they priced, were particularly frustrated. How would you recommend the insurer address this problem? Before continuing, first answer the following 3 questions to diagnose and solve the problem. Then, please elaborate in your answer to the question above. 1) Who is making the bad decision? 2) Do the actuaries have enough information to make a good decision? 3) Do the actuaries have the incentive to make a good decision?
The payoff matrix of economic profits above displays the possible outcomes for Bob and Jane who are involved in game of whether or not to advertise.
Using the value of MPC = 0.8, and knowing the difference between the values of expenditure multiplier and the tax multiplier, it can be safely stated that the reduction of taxes by $400 billion (other things staying the same), Estimate increased leve..
Show the effect in the market for wooden furniture, if the president passes a new law that say you cannot cut down any trees
Explain which it would not be optimal for Firm 1 to make the investment if there were no threat of entry.
In an" Economics in Action" section of ch.11,Krugman/Wells talked about "The Mythical Man-Month," What industry and job did this section talk about? What pitfall of logical thinking was described in the section? Why did this problem arise?
Currently what indictors are evident that There is too much or too little money within the economy? How is monetary policy aiming to adjust This?
Less-developed countries have a greater incentive to adopt sound institutions and policies as transportation and communication costs decrease. Political decentralization makes it easier for governments to levy taxes and spend revenues on things that ..
Provide a general explanation of how business may maximize profit within each market type.
A wave of day laborers with experience in home construction moves into the area. Will this shift the labor supply curve, demand curve or both in home construction.
Determine which of these statements are normative and which are positive and explain why you place them in the normative or positive category.
q. in 1976 the parents of a seven year old boy sued a new york hospital for 3.5 million. the boy was blinded shortly
In 2008, the Board of Directors and shareholders of Anheuser Busch agreed to be acquired by a Belgian Brewer (InBev). Prior to the merger, InBev made many pledges to AB regarding how the company would operate after the merger, how its employees would..
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