Potential games with aggregation in non-cooperative general insurance markets

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<dc:creator>Wu, Renchao</dc:creator>
<dc:creator>Pantelous, Athanasios A.</dc:creator>
<dc:date>2017-01-02</dc:date>
<dc:description xml:lang="es">Sumario: In the global insurance market, the number of product-specific policies from different companies has increased significantly, and strong market competition has boosted the demand for a competitive premium. Thus, in the present paper, by considering the competition between each pair of insurers, an N-player game is formulated to investigate the optimal pricing strategy by calculating the Nash equilibrium in an insurance market. Under that framework, each insurer is assumed to maximise its utility of wealth over the unit time interval. With the purpose of solving a game of N-players, the best-response potential game with non-linear aggregation is implemented. The existence of a Nash equilibrium is proved by finding a potential function of all insurers¿ payoff functions. A 12-player insurance game illustrates the theoretical findings under the framework in which the best-response selection premium strategies always provide the global maximum value of the corresponding payoff function.</dc:description>
<dc:identifier>https://documentacion.fundacionmapfre.org/documentacion/publico/es/bib/159401.do</dc:identifier>
<dc:language>eng</dc:language>
<dc:rights xml:lang="es">InC - http://rightsstatements.org/vocab/InC/1.0/</dc:rights>
<dc:subject xml:lang="es">Matemática del seguro</dc:subject>
<dc:subject xml:lang="es">Mercado de seguros</dc:subject>
<dc:subject xml:lang="es">Empresas de seguros</dc:subject>
<dc:subject xml:lang="es">Competencia</dc:subject>
<dc:subject xml:lang="es">Juego de simulación</dc:subject>
<dc:type xml:lang="es">Artículos y capítulos</dc:type>
<dc:title xml:lang="es">Potential games with aggregation in non-cooperative general insurance markets</dc:title>
<dc:relation xml:lang="es">En: Astin bulletin. - Belgium : ASTIN and AFIR Sections of the International Actuarial Association = ISSN 0515-0361. - 02/01/2017 Volumen 47 Número 1 - enero 2017 , p. 269-302</dc:relation>
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