Sometimes I wonder why we even bother with insurance. Well, to be more precise, it would be good to know exactly how much we are paying for how much risk reduction (as individuals). We (sometimes) know how much we are paying, but how many of us know what our risk profiles look like under each [...]
I’m not going to say this is obvious (it is not), and there is still the problem of how to deal with low risk, high impact events (i.e. should we deal with this in a linear manner, or not?). But most of what he says here seems to be basic probabilistic economics (basic, but most [...]
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