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Aggregation Functions and Personal Utility Functions in General Insurance

Author(s): Jana Špirková | Pavol Kráľ

Journal: Acta Polytechnica Hungarica
ISSN 1785-8860

Volume: 7;
Issue: 4;
Start page: 7;
Date: 2010;
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Keywords: Utility function | Expected utility | Mixture operator | General Insurance

The modeling of a utility function’s forms is a very interesting part of moderndecision making theory. We apply a basic concept of the personal utility theory ondetermination of minimal net and maximal gross annual premium in general insurance. Weintroduce specific values of gross annual premium on the basis of a personal utilityfunction, which is determined empirically by a short personal interview. Moreover, weintroduce a new approach to the creation of a personal utility function by a fictive gameand an aggregation of specific values by mixture operators.
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