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dc.contributor.author안재윤-
dc.date.accessioned2020-05-25T16:30:09Z-
dc.date.available2020-05-25T16:30:09Z-
dc.date.issued2020-
dc.identifier.issn0167-6687-
dc.identifier.otherOAK-26961-
dc.identifier.urihttp://dspace.ewha.ac.kr/handle/2015.oak/253915-
dc.description.abstractThe bonus–malus system (BMS) is a widely used premium adjustment mechanism based on policyholder's claim history. Most auto insurance BMSs assume that policyholders in the same bonus–malus (BM) level share the same a posteriori risk adjustment. This system reflects the policyholder's claim history in a relatively simple manner. However, the typical system follows a single BM scale and is known to suffer from the double-counting problem: policyholders in the high-risk classes in terms of a priori characteristics are penalized too severely (Taylor, 1997; Pitrebois et al., 2003). Thus, Pitrebois et al. (2003) proposed a new system with multiple BM scales based on the a priori characteristics. While this multiple-scale BMS removes the double-counting problem, it loses the prime benefit of simplicity. Alternatively, we argue that the double-counting problem can be viewed as an inefficiency of the optimization process. Furthermore, we show that the double-counting problem can be resolved by fully optimizing the BMS setting, but retaining the traditional BMS format. © 2020 Elsevier B.V.-
dc.languageEnglish-
dc.publisherElsevier B.V.-
dc.subjectAuto insurance-
dc.subjectBonus–malus system-
dc.subjectDouble counting-
dc.subjectOptimization-
dc.subjectRatemaking-
dc.titleDouble-counting problem of the bonus–malus system-
dc.typeArticle-
dc.relation.volume93-
dc.relation.indexSCIE-
dc.relation.indexSSCI-
dc.relation.indexSCOPUS-
dc.relation.startpage141-
dc.relation.lastpage155-
dc.relation.journaltitleInsurance: Mathematics and Economics-
dc.identifier.doi10.1016/j.insmatheco.2020.04.008-
dc.identifier.scopusid2-s2.0-85084671729-
dc.author.googleOh R.-
dc.author.googleLee K.S.-
dc.author.googlePark S.C.-
dc.author.googleAhn J.Y.-
dc.contributor.scopusid안재윤(36472886700)-
dc.date.modifydate20200813132219-
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자연과학대학 > 통계학전공 > Journal papers
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