Research Areas
Insurance pricing; optimal insurance; financial intermediaries; asset/liability management for insurers; insurance economics; risk management
Current Projects
Studies include: Insurance and the design of liability rules; Crises and cycles in insurance markets; Adverse selection in insurance markets; Securitization of catastrophe risk.
Representative Publications
(with J. Garven)
"Insurance Cycles: Interest Rates and the Capacity Constraint Model." Journal of Business 68.3 (July 1995).
(with G. Dionne)
"Adverse Selection, Commitment and Renegotiation: Extension to and Evidence From Insurance Markets." Journal of Political Economy 102 (1994).
(with P.Thistle)
"Adverse Selection with Endogenous Information in Insurance Markets." Journal of Public Economics 63 (1996).
Education
PhD, Cranfield Institute of Technology, 1979; BPhil, University of York, 1969; BA, University of York, 1968
Recent Consulting
Amerco, Dow Chemical, Sears Roebuck, British Petroleum, Merck, GTE, CIGNA, U.P.S.
Career and Recent Professional Awards; Teaching Awards
Undergraduate Excellence in Teaching Award, 1997; Miller-Sherrerd MBA Core Teaching Award, 1998, 2001
Academic Positions Held
Wharton: 1986-present (Chairperson, Insurance and Risk Management, 2003-2008; named Frederick H. Ecker Professor, 2003; Ronald A. Rosenfeld Professor, 1996-2003). Previous appointments: University of Alberta; University of Illinois
Other Positions
Economic Adviser, U.K. Government Economic Service, 1975-76
Professional Leadership 2005-2009
Editor, Geneva Papers on Risk Insurance Theory
