Premium based on mixture utility

Authors:
Jana Špirková
Affiliations:
Department of Quantitative Methods and Information Systems, Faculty of Economics, Matej Bel University, Banská Bystrica, Slovakia
Venue:
FQAS'11 Proceedings of the 9th international conference on Flexible Query Answering Systems
Year:
2011

Citing 3
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Abstract

Aggregation functions and utility functions belong to very interesting parts of modern decision making theory. We develop basic concept of the connection of aggregation functions theory and utility theory to determine gross annual premium in general insurance. We introduce specific values of the gross annual premium on the basis of aggregation of the person's utility functions which were determined empirically based on a short personal interview. Moreover, by specific utility function we determine minimal gross annual premium acceptable for the insurer.