scholarly journals Expected Utility Strategic Decision Models for General Insurers

1986 ◽  
Vol 16 (3) ◽  
pp. 45-58 ◽  
Author(s):  
Danny SAMSON
Keyword(s):  
Expected Utility ◽  
Strategic Decision ◽  
Decision Models

A CROSS-CULTURAL EXAMINATION OF STRATEGIC DECISION MODELS: COMPARISON OF KOREAN AND U.S. EXECUTIVES.

1990 ◽  
Vol 1990 (1) ◽  
pp. 111-115 ◽  
Author(s):  
Michael A. Hitt ◽  
Beverly B. Taylor ◽  
Daewoo Park
Keyword(s):  
Cross Cultural ◽  
Strategic Decision ◽  
Decision Models ◽  
Models Comparison

The Structuring Of The Strategic-Decision-Making Process

2011 ◽  
pp. 213-240
Author(s):  
Tamio Shimizu ◽  
Marley Monteiro de Carvalho ◽  
Fernando Jose Barbin
Keyword(s):  
Decision Making ◽  
Sensitivity Analysis ◽  
Decision Trees ◽  
Strategic Decision ◽  
Decision Models ◽  
Decision Problems ◽  
Strategic Decision Making ◽  
Decision Making Process ◽  
Decision Matrix

The basic types of decision models presented in the previous chapter (rational, descriptive, political, and ambiguous models) relies on quantitative values (money, time, or probabilities) that are most suitable for structured and semi-structured decision problems. These basic models can be used as starting models to guide the structuring process of strategic decision problems. First, a systematic procedure for structuring the strategic decision making process is presented, using decision matrix and decision trees. The need for the sensitivity analysis is introduced, and will be illustrated with more detail in the next chapter. Some problems that must be considered in this structuring process are illustrated in form of hidden traps and paradoxes. The first step in the decision-making process is to formulate the problem. It is possible that an inadequate formulation of the problem leads to a result that reduces efficiency and efficacy, since an incorrect formulation can define a wrong problem.

Experiments on portfolio selection: A comparison between quantile preferences and expected utility decision models Revision of JBEE-D-21-00434

2022 ◽  
pp. 101822
Author(s):  
Luciano de Castro ◽  
Antonio F. Galvao ◽  
Jeong Yeol Kim ◽  
Gabriel Montes-Rojas ◽  
Jose Olmo
Keyword(s):  
Portfolio Selection ◽  
Expected Utility ◽  
Decision Models

scholarly journals Expected Utility Strategic Decision Models for General Insurers

1986 ◽  
Vol 16 (S1) ◽  
pp. S45-S58 ◽  
Author(s):  
Danny Samson
Keyword(s):  
Strategic Planning ◽  
Expected Utility ◽  
Optimization Problems ◽  
Decision Criterion ◽  
Strategic Decision ◽  
Risk Pooling ◽  
Decision Aiding ◽  
Monte Carlo Techniques ◽  
Stop Loss ◽  
Retained Earnings

AbstractIt has been argued in previous studies that the expected utility decision criterion provides useful insights for certain insurance problems, such as underwriting, reinsurance and portfolio optimization problems. In this study three new models are developed which extend and generalize previous results. The first model analyses modified stop-loss reinsurance. The second model analyses risk pooling where both inward and outward reinsurance occur. Expected utility calculations can be used to provide insight on the attractiveness of competing reinsurance and risk pooling options. The third model is for strategic planning, where risk/reward tradeoffs for all the insurer's business activities (underwriting, investment, reinsurance) can be considered in aggregate. The simpler models can often be solved analytically however the strategic planning model is relatively complex and uses Monte Carlo techniques to determine retained earnings distributions. The expected utility approach has been found to be powerful, flexible and comprehensive as a decision aiding mechanism. From a normative viewpoint, this approach accounts very well for all the important decision elements. Recent developments in decision support systems will allow these models to be made available to practitioners in user friendly forms.

Experiments on Portfolio Selection: A Comparison between Quantile Preferences and Expected Utility Decision Models

2021 ◽  
Author(s):  
Luciano I. de Castro ◽  
Antonio F. Galvao ◽  
Jeong Yeol Kim ◽  
Gabriel Montes-Rojas ◽  
Jose Olmo
Keyword(s):  
Portfolio Selection ◽  
Expected Utility ◽  
Decision Models

Strategic decision models: Integrating different perspectives

1991 ◽  
Vol 12 (5) ◽  
pp. 327-351 ◽  
Author(s):  
Michael A. Hitt ◽  
Beverly B. Tyler
Keyword(s):  
Strategic Decision ◽  
Decision Models
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