CRETA is honored to invite Professor Michael R. Powers from Tsinghua University, China as a visitor from May 1-May 4. During his visit, Professor Powers will give a lecture on The Insurance Two-Envelope Problem:  A Puzzle, Wrapped in an Oddity, inside a Paradox on CRETA Workshop on Risk Theory 04. The workshop is due to take place on May 2 (Friday) at Kuan Te Lecture Hall, 2F, Bldg. 1, College of Management, NTU (臺大管理學院一號館 2 樓冠德講堂). All participants are welcomed! Please be sure to register your attendance online by noon, April 28 (Monday).( 前往活動綱址: http://www.creta.org.tw/events/view/72)

* Date: May 2 (Friday), 2014, 2:30pm – 3:50pm

* Venue: Kuan Te Lecture Hall, 2F, Building 1 College of Management, NTU

(臺灣大學管理學院一號館2F冠德講堂)

* Topic: The Insurance Two-Envelope Problem:  A Puzzle, Wrapped in an Oddity, inside a Paradox

* 臺灣大學在學學生及現任教職員為免費參加。

 [About the Speaker]

Professor Michael R. Powers is currently Professor of Risk and Insurance Mathematics and Chair of Department of Finance at Tsinghua University’s School of Economics and Management, China. Professor Powers is also an Associate Editor of Journal of Insurance and Risk Management and Journal of Risk Management. His research articles have been published in several prestigious journals, such as Journal of Risk and Insurance, Insurance: Mathematics and Economics, and Risk Analysis.

[Lecture Overview]

We employ the Insurance Two-Envelope Paradox of Powers and Zanjani (2013) to explore the disparate effects of bounded versus unbounded buyer utility in the presence of large monetary losses (negative gains). We find that these differences are potentially extreme, and argue that the practical impact of using unbounded utility functions in insurance modeling has received inadequate attention in the literature.

March 2 (Friday, 2014, 臺大管理學院一號館 2 樓冠德講堂)

14:00-14:300: Registration

14:30-15:30: Lecture

15:30-15:50: coffee Break

*lecture in English