If the probability were as high as the frequency in 2001, Electrical Engineering

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If the probability were as high as the frequency in 2001

Using information in the Challenge Solution, show how to calculate the price of fair insurance if the probability of being in a crash is the frequency for 2002-2009. If the probability were as high as the frequency in 2001, 0.00000077, what would be a fair price? Use a graph to illustrate why a risk-averse person might buy unfair insurance. Show on the graph the risk premium that the person would be willing to pay.

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Electrical Engineering: If the probability were as high as the frequency in 2001

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Electrical Engineering: If the probability were as high as the frequency in 2001

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