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| LEADER |
01535nam a2200205Ia 4500 |
| 001 |
10.3390-math10132242 |
| 008 |
220718s2022 CNT 000 0 und d |
| 020 |
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|a 22277390 (ISSN)
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| 245 |
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|a A Geologic-Actuarial Approach for Insuring the Extraction Tasks of Non-Renewable Resources by One and Two Agents
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| 260 |
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|b MDPI
|c 2022
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| 856 |
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|z View Fulltext in Publisher
|u https://doi.org/10.3390/math10132242
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|a This work uses classic stochastic dynamic programming techniques to determine the equivalence premium that each of two extraction agents of a non-renewable natural resource must pay to an insurer to cover the risk that the extraction pore explodes. We use statistical and geological methods to calibrate the time-until-failure distribution of extraction status for each agent and couple a simple approximation scheme with the actuarial standard of Bühlmann’s recommendations to charge the extracting agents a variance premium, while the insurer earns a return on its investment at risk. We test our analytical results through Monte Carlo simulations to verify that the probability of ruin does not exceed a certain predetermined level. © 2022 by the authors. Licensee MDPI, Basel, Switzerland.
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|a Bühlmann recommendations for premium calculation
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| 650 |
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|a extraction game for two agents
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| 650 |
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|a hazard rates
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| 650 |
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|a time-until-failure
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| 650 |
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|a vertical pressure gradient
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| 700 |
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|a López-Barrientos, J.D.
|e author
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|a Real-Miranda, R.
|e author
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| 773 |
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|t Mathematics
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