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Chương 15 Đối phó với rủi ro trong đời sống kinh tế

Tham khảo tài liệu 'chương 15 đối phó với rủi ro trong đời sống kinh tế', kinh doanh - tiếp thị, quản trị kinh doanh phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Chapter 15 Coping with risk in economic life David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 6th Edition, McGraw-Hill, 2000 Power Point presentation by Peter Smith Individual attitudes towards risk A risk neutral person is only interested in whether the odds will yield a profit on average A risk-averse person will refuse a fair gamble i.e. one which on average will make exactly zero monetary profit A risk-lover will bet even when a strict mathematical calculation reveals that the odds are unfavourable 15. See Section 15-1 in the main text. Risk and insurance Risk-pooling works by aggregating independent risks to make the aggregate more certain Risk-sharing works by reducing the stake By pooling and sharing risks, insurance allows individuals to deal with many risks at affordable premiums. 15. See Section 15-2 in the main text. Moral hazard and adverse selection Moral hazard is the exploiting of inside information to take advantage of the other party to a contract | Chapter 15 Coping with risk in economic life David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 6th Edition, McGraw-Hill, 2000 Power Point presentation by Peter Smith Individual attitudes towards risk A risk neutral person is only interested in whether the odds will yield a profit on average A risk-averse person will refuse a fair gamble i.e. one which on average will make exactly zero monetary profit A risk-lover will bet even when a strict mathematical calculation reveals that the odds are unfavourable 15. See Section 15-1 in the main text. Risk and insurance Risk-pooling works by aggregating independent risks to make the aggregate more certain Risk-sharing works by reducing the stake By pooling and sharing risks, insurance allows individuals to deal with many risks at affordable premiums. 15. See Section 15-2 in the main text. Moral hazard and adverse selection Moral hazard is the exploiting of inside information to take advantage of the other party to a contract e.g. if you take less care of your property because you know it is insured Adverse selection occurs when individuals use their inside information to accept or reject a contract, so that those who accept are not an average sample of the population e.g. smokers taking out life insurance 15. See Section 15-2 in the main text. Portfolio selection The risk-averse consumer prefers a higher average return on a portfolio of assets but dislikes risk. Diversification is a strategy of reducing risk by risk-pooling across several assets whose individual returns behave differently from one another. Beta is a measurement of the extent to which a particular share's return moves with the return on the whole stock market 15. See Section 15-4 in the main text. Efficient asset markets The theory of efficient markets says that the stock market is a sensitive processor of information quickly responding to new information to adjust share prices correctly An efficient asset market already .